Filecoin (FIL) decentralized storage token has ignited the market again after soaring 110% in one day and another 51% the next. Traders say this could be the start of something big.
If a breakout is confirmed, Filecoin could target $64, which could represent a 1,740% upside from its current price of around $3.30, according to a leading cryptocurrency analyst.
Filecoin is on the verge of a major breakout
According to Captain Fibig, Filecoin (FIL) is emerging from a multi-year falling wedge pattern, a classic bullish reversal setup that has been forming since 2021.
For over two years, Filecoin’s price has been trapped between two downtrend lines, a structure we often see before a big rally.
Recently, the Filecoin token soared from $1.8 to $3.9, but has since stabilized and found a balance around $3.3. Buyers showed new confidence and entered the market again after a long period of hesitation.
The $3.6 level, which previously blocked any upside attempts, has turned into a strong support zone, creating a new base for FIL coin price.
Filecoin rises by 1700%
A closer look at the Filecoin (FIL) chart reveals a strong bounce off the lower end of the wedge, supported by high trading volume, showing signs of fresh accumulation and improving market sentiment.
According to Captain Fibic, if Filecoin can break through the key resistance level at $3.9, it could trigger a major breakout. His analysis predicts a medium-term price target of $64, which would represent a staggering 1,740% upside from the current price range.
If this breakout occurs, Filecoin could turn long-term resistance into support and trigger a wave of FOMO-driven buying. After years of decline and stagnation, moves like this could finally bring Filecoin back to prominence as one of the best-performing altcoins on the market.
Basics that add fuel to the fire
Beyond the charts, Filecoin’s growing use cases in decentralized data storage and AI infrastructure add weight to the bullish outlook. As demand for scalable and censorship-resistant storage grows, FIL is likely to benefit from both utility-driven adoption and technological momentum.
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