Up nearly 39.3% for the week, Filecoin (FIL) was the seventh best-performing cryptocurrency in the entire market Friday morning and the top performer among the top 30 coins.
Filcoin (FIL) is regaining its energy... and its partnership with Solana is supporting growth
Increased FIL rate at 8.6% Only for the last 24 hours. Which also makes it the best performing token on this time scale. At the time of writing, its price reached $8.19. Velcoin's price has risen significantly this week, although overall market performance has fluctuated.
Velcoin's strong performance has been attributed to specific news, such as the Feb. 16 announcement of its merger with Solana. Specifically, Velcoin announced that it will now host the Solana block registry. This allows the Solana ecosystem to move away from centralized data storage solutions.
“By leveraging Velcoin’s decentralized storage capabilities, Solana can provide data redundancy, scalability, and increased security while maintaining its commitment to decentralized ethics.”
This positive news allowed the Filcoin (FIL) price to shrug off several bearish macroeconomic news in recent days. Including minutes from Wednesday night's aggressive Federal Reserve meeting, which strengthened the US dollar. Which led to lower expectations of lower interest rates in the United States.
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FIL technical analysis indicates high risk of correction
From a technical analysis perspective, we can see signs that the rally has run its course, with FIL reluctant to stay above the $8 area after its yearly peak at $8.8 yesterday. While the resistance area at $8 led to a strong correction in Velcoin during its previous test in early January.
If the cryptocurrency does fall on Friday, Wednesday's lows at $6.8 and $7 will be the first major support area to watch. Below this, the FIL trend will become corrective.
If Velcoin manages to hold above $8, the next possible targets would be yesterday's peak at $8.80 and the psychological hurdles at $9 and $10, but this clearly does not look like the most likely scenario.
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