In the past 24 hours, Filecoin (FIL) has unexpectedly surged, marking a price recovery of over 10%. This sudden uptick has thrust the altcoin into the spotlight after it previously lagged behind the broader crypto market rebound. As a result, the altcoin has garnered increased attention from investors and analysts alike.
In light of Filecoin’s recent performance, one cryptocurrency analyst is optimistic about its future prospects. They foresee a significant surge in price, predicting a staggering 1,000% increase. This bold forecast underscores growing confidence in Filecoin’s potential and highlights the renewed interest in alternative cryptocurrencies within the digital asset ecosystem.
Filecoin Will See A 10X Rise To $70
On X (formerly Twitter), renowned crypto analyst “Tony The Bull” shared an analysis with his nearly 20,000 followers, suggesting that the Filecoin (FIL) price is poised for a substantial recovery. The analysis included a chart depicting the coin’s movement over the past year, during which it surged from a low below $3 to over $7, marking an impressive nearly 200% increase. Despite this significant growth, the analyst believes there is further room for FIL to climb.
According to “Tony The Bull,” the prediction for the Filecoin price is ambitious, foreseeing it rallying as high as $70. Such a projection implies a remarkable 1,000% increase or a tenfold rise from its current trading value. The analyst expresses confidence that Filecoin is entering a phase of price discovery, stating, “I’m gonna find out.”
Notably, “Tony The Bull” is not the only crypto analyst bullish on Filecoin’s future. Analyst Ali Martinez also shares an optimistic outlook for the altcoin. Martinez highlights that FIL is currently trading within a “parallel channel on its 3-day chart,” a pattern typically associated with bullish price movements.
However, Martinez underscores the importance of FIL breaking through the resistance presented by the channel’s upper boundary, positioned at $8.50. If this resistance is successfully breached, Martinez anticipates Filecoin’s price to surge as high as $25.5. This potential triple increase in value further adds to the optimistic sentiment surrounding Filecoin’s future trajectory.
Can FIL Reach A New All-Time High?
Tony The Bull also suggests that Filecoin is only 20 times away from its previous all-time high price of approximately $230, implying the potential for the altcoin to experience a significant surge to reach this level once again. However, this viewpoint faced criticism from community members who argued against the feasibility of FIL reaching a new all-time high due to its inflationary trend over the past year.
The circulating supply of FIL has notably increased over time, surpassing the levels seen when it reached its peak price in 2021. This substantial inflation has led to skepticism among community members regarding the possibility of Filecoin reclaiming its previous all-time high. One user expressed skepticism, stating, “With its MASSIVE inflation over the last bear market, FIL will not be making a new ATH,” in response to the crypto analyst’s assertion.
Despite these concerns, Filecoin demonstrates resilience in its daily chart performance. Its price has surged by 16% in the past 24 hours and 40% over the last seven days, as reported by Coinmarketcap. At the time of writing, Filecoin is trading at $7.68, indicating ongoing positive momentum in its market activity.
