A substantial breach on the technical chart for the Filecoin price indicates the potential for an additional upward movement in price.
FIL, the native cryptocurrency of the decentralized storage platform Filecoin, is on a tear, with a 24-hour gain of 16% and a potential price of $5.5. FIL has extended its weekly gains by over 32% and its monthly gains by nearly 70% amid the current rally.
Price of FIL Rally
After the recent technical breach, the FIL price rally is likely to continue, according to renowned trader Naemrr. Recent Fibonacci analysis indicates that $FIL has transcended the golden pocket level.
A crucial Fibonacci retracement zone, the golden pocket, indicates a substantial change in the direction of price movement. He noted that this breakthrough is a positive sign, but caution is advised as significant price increases are anticipated beyond this level.
Filecoin Decentralised Exchange Sushi Debuts
Another significant factor bolstering this FIL price movement is the introduction of decentralized exchange (DEX) Sushi on the Filecoin blockchain.
Filecoin, the preeminent decentralized exchange (DEX), has reached a noteworthy achievement with the integration of Sushi, the largest decentralized storage network in the world. This signifies the inaugural occurrence of a DEX operational on the Filecoin network.
The integration encompasses the implementation of Sushi’s automated market makers (AMMs) for Filecoin, versions 2 and 3, which feature concentrated liquidity pools.
This advancement facilitates the provision of liquidity and direct trading. In addition, SushiXSwap, a cross-chain exchange functionality, is expanded to include Filecoin.
This allows for smooth token swapping between Filecoin and over 30 additional networks, simplifying the user experience and eliminating the requirement for bridging or native Filecoin tokens.
Sushi’s position in the multi-chain and cross-chain space is not only strengthened by the partnership with Filecoin, but it also inspires developers and consumers to investigate the decentralized storage capabilities of Filecoin. Laconic.com’s provision of subgraph index hosting services was instrumental in facilitating this collaboration.
As an integral component of the “Sushi Multi-Chain Feast” Campaign, the “Filecoin x Sushi Bomb Diggity NFT” is being introduced to commemorate this integration.
As a token of appreciation for the collaboration and in recognition of Filecoin’s present lack of integration with Galxe, this restricted edition NFT was created on the Arbitrum network. It is available to participants who complete particular stipulations.
