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Is Filecoin Token Price Ready To Move Beyond $20 In 2024?

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Filecoin is a decentralized storage system which aims to store the most important information about humanity. It is an open protocol which is backed by a blockchain which records commitments made by the participants with transactions using FIL which is the native currency of the blockchain. The platform is governed by the community where developers have the opportunity to create file storage services like Dropbox or i-cloud. Unlike the centralized cloud servers Filecoin leverages its decentralized nature to protect the integrity of the data while making it easily retrievable and hard to censor.

Filecoin

Source: Filecoin.io

Filecoin protocol has recently introduced FilOz which is a new public goods design and development team in the ecosystem. Their mission is to secure,upgrade and expand the utility of the Filecoin network. In Q1 of 2024 ,new DEXs like SushiSwap and Uniswap came to Filecoin L1  via Oku trade which brought increased cross-chain swaps, while FIL leasing platforms like Glif reached new all-time-high in the participation rates. Meanwhile, with the recent upgrades, the Sealing-as-a-Service providers like Ramo (Web3Mine) allow any laptop to join the Filecoin network, Lets have a look towards the onchain analytics of the Filecoin.

Filecoin Revenue Declines 57%, Will the Trend Continue?

Filecoin has a total adjusted power of 22.877 Eib with 2583 active miners. It has an average reward of 0.0047FIL/tib as per their website. It displayed a minting of over 111,020 FIL in the last 24 hours. Meanwhile, the storage power trend in the Filecoin ecosystem has remained fairly constant in the past few months.

Filecoin

Source: FEVM smart contract metrics by Filfox

FEVM has been declining steadily in the contract deployments and is near the average of 6 on a daily basis. The protocol displayed a declined of over 57% in the fees collected and the total revenue in May 2024. The overall earnings of the protocol remained near -$19 Million after removing the incentives and operational expenses. The protocol is showing an exponential surge in the overall TVL from the past few months and has reached nearly $80 Million.

Are Bears Calling the Shots in the FIL Chart?

Ritika_TCR on TradingView.com

Filecoin has a market cap of $3.5 Billion and is ranked 29th in the Cryptoverse. It has a total supply of 1,960,252,106 FIL in which 30% is circulating in the market. FIL is currently trading near the value of $6.30 with a slight gain in the intraday session.

FIL token price is currently in a consolidation zone on the daily chart. It is trading below the 100 and 50 EMA which can act as a resistance. The upside trend of the FIL token price can see a halt near the value of $7. Meanwhile, the support of the asset price is near $5.5. The RSI is currently near 59 with a strong positive slope. The overall sentiment of the RSI is bullish.

Conclusion

Filecoin is showing a decline in the overall revenue with an increase in TVL. It has been displaying a consolidation in the transactions. FIL is in a consolidation zone but could mark a new high.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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