• Filecoin price is up over 60% in February with an impressive track record of higher highs and higher lows.
• FIL could extend gains by 22% to $10.0000 if the price overcomes the supply zone between $8.0670 and $8.5360.
• A rejection from the supply barrier could send the altcoin below the 50% retracement level at $6.3050, invalidating the bullish thesis.

After two failed attempts, the price of Filecoin (FIL) is currently trading with a bullish bias, attempting again with a bold objective of $10.00 in sight. The following directional bias will be determined by a supplier barrier, which is a formidable opponent for the altcoin.

Filecoin is an outlier with double-digit gains after Solana integration.

Among the top 20 cryptocurrencies, Filecoin’s price has increased by around 15%, with Hedera Hashgraph (HBAR) having the most gain. The spike in Filecoin’s value occurred following the network’s integration with Solana, a partnership meant to increase scalability and store block history. In addition, the network is driving several significant deployments that are helping to shape the future of decentralized storage, such as scaling with Interplanetary Consensus (IPC).

It expands on Filecoin’s development objectives by intensifying efforts to increase demand and accessibility, two factors that have contributed to the network’s notable increase in active storage arrangements.

The price of Filecoin may increase further due to tailwinds from these and other events, as several technical indicators are still showing bullish signals.

Filecoin price outlook as FIL network doubles down on integrations

Filecoin’s price is encountering resistance because of the $8.0670–$8.5360 supply zone. In a situation when there is a supply barrier, aggressive selling is predicted. The price might continue rising to the $10.00 psychological level, or about 22% above present levels if FIL can overcome this order block.

Despite being above 70, the Relative Strength Index (RSI) is trending north, indicating that momentum is still increasing. The Awesome Oscillator (AO) and Average Convergence Divergence (MACD) both have their histogram bars flashing green with considerable volumes in favorable areas, indicating that the MACD is likewise going above its signal line (orange band). These characteristics lean toward the positive.

Filecoin price has to show a candlestick close above the supply zone’s midline, which is at $8.3060 on the daily timeframe, to verify that the uptrend is still going strong. Before a potential extension to the predicted $10.0000 target, a rise like this would set the pace for the altcoin to clear the $9.5000 range high.

On the other hand, if the supply zone rejects Filecoin, its price may fall and approach the psychological $7.0000 mark. In a worst-case scenario, FIL might drop to $6.3050, the 50% retracement level, negating the bullish argument.

Conclusion:

Filecoin’s integration with Solana, alongside continuing technological advancements and strategic usage adoption, presents a promising outlook for the FIL token. While the $10.00 price target is ambitious, it is within reach, given the platform’s strengths and the industry’s developments.

Investors and enthusiasts should continue to monitor Filecoin’s progress. The key to realizing its full potential lies in the community’s active engagement, the project’s ability to deliver on its promises, and a supportive market environment. As with any investment, caution and informed decision-making are essential. Whether or not Filecoin reaches $10.00, its contribution to the cryptocurrency space is undeniable.