Filecoin (FIL) Price Jumps 16% Amid Sushi DEX Integration, What's Next?
11/13/2023 13:59
The Filecoin price has given a significant breakout on the technical chart suggesting the possibility of further price rally ahead.
FIL, the native cryptocurrency of the decentralized storage platform Filecoin, is making big moves gaining 16% in the last 24 hours and shooting all the way to $5.5 levels. Amid the current rally, FIL has extended its weekly gains by more than 32% and monthly gains by close to 70%.
FIL Price Rally
Popular trader Naemrr explains that the FIL price rally is likely to continue further after the recent technical breakout. $FIL has recently surpassed the golden pocket level in our weekly Fibonacci analysis. The golden pocket, a vital Fibonacci retracement zone, signifies a significant shift in price action. This breakthrough is an encouraging indicator, prompting caution as we anticipate the possibility of substantial price surges beyond this level, he noted.
It is very likely that this FIL price rally can continue all the way up to $10 going ahead.
Decentralized Exchange Sushi Launches on Filecoin
Another major reason supporting this FIL price action is the launch of decentralized exchange (DEX) Sushi on the Filecoin blockchain.
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Filecoin, the world’s largest decentralized storage network, has achieved a significant milestone by integrating Sushi, a prominent decentralized exchange (DEX). This marks the first instance of a DEX operating on the Filecoin network.
The integration includes the introduction of Sushi’s version 2 and version 3 automated market makers (AMMs) featuring concentrated liquidity pools on Filecoin. This development enables direct trading and liquidity provision. Furthermore, Sushi’s cross-chain swap feature, SushiXSwap, extends to Filecoin, facilitating seamless token swapping across Filecoin and more than 30 other networks, streamlining the user experience without the need for bridging or native Filecoin tokens.
The partnership between Sushi and Filecoin not only strengthens Sushi’s position in the multi-chain and cross-chain space but also encourages users and developers to explore Filecoin’s decentralized storage capabilities. Laconic.com played a crucial role by providing essential subgraph index hosting services to make this collaboration possible.
To celebrate this integration, the “Filecoin x Sushi Bomb Diggity NFT” is being introduced as part of the “Sushi Multi-Chain Feast” Campaign. This limited edition NFT, minted on the Arbitrum network due to Filecoin’s current non-integration with Galxe, serves as a commemoration of the collaboration and is accessible to participants who fulfill specific tasks.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.