- 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.
Filecoin (FIL) price is trading with a bullish bias, making another bold attempt with the $10.00 target in sight after two previous attempts. However, the altcoin faces a strong opposition from a supplier barrier that will determine the next directional bias.
Also Read: Solana integrates with Filecoin to boost scalability, FIL price gains over 7%
Filecoin is an outlier with double-digit gains after Solana integration
Filecoin price is up nearly 15%, second only to Hedera Hashgraph (HBAR) in gains among the crypto top 20. For Filecoin, the surge comes after the network integrated with Solana, in a collaboration intended to boost scalability and store block history. The network is also powering multiple meaningful deployments, including scaling with Interplanetary Consensus (IPC), towards shaping the future of decentralized storage.
It builds atop Filecoin’s development goals, doubling down on enhancing accessibility and promoting demand, elements that have seen the network witness a remarkable surge in active storage deals.
With tailwinds coming from these events, among others, Filecoin price could extend the gains, with multiple technical indicators still flashing bullish.
Filecoin price outlook as FIL network doubles down on integrations
Filecoin price is confronting resistance due to the supply zone between $8.0670 and $8.5360. A supply barrier is an area where aggressive selling is expected. If FIL manages to overcome this order block, the price could extend the climb to the $10.00 psychological level, around 22% above current levels.
The Relative Strength Index (RSI) is northbound despite its position above 70, suggesting momentum is still rising. The Moving Average Convergence Divergence (MACD) is also moving above its signal line (orange band), with its histogram bars as well as those of the Awesome Oscillator (AO) flashing green with large volumes in positive territory. These features favor the upside.
To confirm the continuation of the uptrend, Filecoin price must record a candlestick close above the midline of the supply zone at $8.3060 on the daily timeframe. Such a move would set the pace for the altcoin to clear the $9.5000 range high, before a possible extension to the forecasted $10.0000 target.
FIL/USDT 1-day chart
On the flipside, a rejection from the supply zone could see Filecoin price drop, moving towards the $7.0000 psychological level. In a dire case, FIL could fall to the 50% retracement level at $6.3050, below which the bullish thesis would be invalidated.
