- Filecoin now hosts Celestia and Story Protocol data, enhancing decentralized storage transparency and resilience.
- Technical indicators suggest a potential short-term recovery, signaling growing interest from traders and investors.
- Buy wall zones indicate solid market backing, potentially fueling the rally to $3.40 and beyond.
Filecoin (FIL) is showing potential for a bullish reversal, with the price moving in a narrow range that often leads to trend reversal. The token is currently trading at $1.62, marking a surge of 1.75% over the last 24 hours.
The data from Filecoin revealed that KYVE Network is now storing Celestia and Story Protocol chain data on Filecoin Onchain Cloud. Using a decentralized network of Filecoin storage providers, blockchain data remains resilient, auditable, and always accessible. The system supports massive archive capacity into petabytes, reflecting Network’s growth as a leading decentralized storage solution.
This integration improves transparency and reliability for decentralized networks, removing single points of failure and ensuring data persistence. KYVE’s initiative highlights the trend of combining decentralized storage with blockchain validation, while Filecoin’s adoption shows rising demand for scalable Web3 storage.
Also Read: Filecoin (FIL) Consolidates Near $2.00 After F3 Upgrade, Analysts Eye $5.32
Filecoin Technicals Suggest a Short-Term Recovery
From the technical perspective, FIL is observed to be in a long-term downtrend from mid-2021 to 2025. Bollinger Bands provide strong indications of high volatility, especially in the latter part of 2022 and early 2024, where the peaks almost touched the top band. Recently, the price made a strong recovery from $1.34 to $1.63.
Source: TradingView
The RSI is approximately 41.40, indicating that the market is slightly bearish. However, the MACD is still below its signal line, although a convergence of the histograms is a sign of a possible bullish crossover. The market is experiencing a cautious recovery trend, possibly preparing for a reversal or a continuation of its bear trends.
Filecoin (FIL) Bulls Eye $3.40 as Sell Walls Disappear
Moreover, the crypto analyst, CW, noted that the heavy sell walls that had restricted the price of FIL prior to this development have now largely dissipated, implying that the market is experiencing a revival of positive momentum. Once the price is able to break through the strong level of resistance at $1.75, a resumption of positive price momentum is likely.
Source: CW
Currently, the price of FIL is being supported by a buy wall, a significant region of good strength that can drive the price to its next key target of $3.40. According to market analysts, such levels of support usually drive the price to sudden high levels, especially when trading activities increase.
Also Read: Filecoin Onchain Cloud Boosts Outlook as FIL Eyes $200 Mega Rally
