After establishing a robust bear market support level around $3 last year, Filecoin (FIL) price has signaled the onset of a fresh bull run. The mid-cap altcoin has gained more than 200 percent since October last year to trade around $9.32 on Friday, during the early London session.
The utility-based altcoin, with a fully diluted valuation of about $18.4 billion and a daily average trading volume of approximately $253 million, has attracted significant investment and integrations in the recent past.
As a result, it is safe to assume that FIL price will reach a new multi-year high in the coming months.
Long-Term Target for Filecoin Price
According to a FIL price technical analysis by a popular crypto analyst named Captain Faibik, the mid-cap altcoin aims to rally above $100 in the long haul. Notably, this FIL price target is still below its all-time high (ATH), around $236.
However, the FIL price target coincides with the same level of Bitcoin price consolidated before rallying beyond 2021’s ATH. Notably, the FIL price against the US dollar in the weekly time frame has been forming a rising trend, characterized by higher highs and higher lows.
Why Bet on FIL?
The Filecoin network has grown into a reputable decentralized storage system since its launch in 2017. Furthermore, the Filecoin team raised over $200 million through its initial coin offering (ICO) in 2017, which has helped develop its network.
As the web3 ecosystem grows exponentially worldwide, the need for decentralized and secure storage systems is inevitable. Consequently, the Filecoin network provides reliable, affordable, and secure decentralized storage.
