What Could Be the Reason Behind the Filecoin Price Increase of More Than 12%?

Crypto News – With a gain of 12.61% in the past day and a surge to $5.44 levels, FIL, the native cryptocurrency of the decentralized storage platform Filecoin, is on the rise. FIL’s weekly gains have increased by over 29.02%, and its monthly gains have increased by nearly 70% during the current rally.

What Could Be the Reason Behind the Filecoin Price Increase of More Than 12%?

The FIL price surge is probably going to continue after the most recent technical breakout, according to well-known trader Naemrr. According to the weekly Fibonacci analysis, $FIL has lately surpassed the golden pocket level. An important change in price activity is indicated by the golden pocket, a crucial Fibonacci retracement zone. He pointed out that while this breakthrough is a positive sign, caution is advised as one considers the prospect of significant price increases above this level.

SushiSwap Integration May Also Have an Impact on Filecoin Price Increase

The introduction of decentralized exchange (DEX) Sushi on the Filecoin blockchain is a significant factor contributing to the current FIL price movement. Thus, a major milestone has been reached by Filecoin by integrating Sushi, a well-known decentralized exchange (DEX). With this, a DEX is now running on the Filecoin network for the first time.

Sushi’s automated market makers (AMMs) versions 2 and 3 with concentrated liquidity pools on Filecoin are part of the integration. Direct trading and liquidity provision are made possible by this advancement. Moreover, Filecoin can now benefit from Sushi’s cross-chain swap functionality, SushiXSwap, which streamlines the user experience by enabling smooth token switching between Filecoin and over 30 other networks without requiring bridging or native Filecoin tokens.