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Will the Filecoin Token Price Break $20 in 2024?

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Filecoin is a decentralized storage system designed to store critical information about humanity, utilizing a blockchain to record commitments made by participants using FIL as its native currency. The platform is community-governed, allowing developers to create file storage services similar to centralized cloud servers. Filecoin’s decentralized nature ensures data integrity, retrievability, and resistance to censorship.

Recently, Filecoin introduced FilOz, a public goods design and development team focused on securing, upgrading, and expanding the utility of the network. The platform has seen the integration of new DEXs like SushiSwap and Uniswap, along with increased cross-chain swaps through Oku trade. Additionally, FIL leasing platforms such as Glif have reached new participation highs, while Sealing-as-a-Service providers like Ramo (Web3Mine) enable any laptop to join the network.

Despite Filecoin’s total adjusted power of 22.877 Eib with 2583 active miners, the platform has seen a 57% decline in revenue, raising concerns about the trend’s continuation. The protocol’s average reward stands at 0.0047 FIL/tib, with a minting of over 111,020 FIL in the last 24 hours. However, the storage power trend has been relatively constant, according to on-chain analytics.

In terms of smart contract metrics, FEVM has seen a decline in contract deployments and a 57% drop in fees collected and total revenue. Despite this, the platform has displayed an exponential surge in total value locked (TVL), reaching nearly $80 million. Filecoin’s market cap is $3.5 billion, ranking 29th in the Cryptoverse, with 30% of its total supply of 1,960,252,106 FIL circulating in the market.

The FIL token price is currently in a consolidation zone on the daily chart, trading around $6.30 with support near $5.5 and resistance near $7. The RSI indicates a bullish sentiment with a strong positive slope, suggesting a potential uptrend. While revenue may be declining, Filecoin’s increasing TVL and consolidation in transactions could indicate a positive outlook for the future.

Overall, Filecoin’s recent developments and challenges highlight the platform’s resilience and potential for growth. Despite revenue declines, the network’s expansion and engagement with new partners showcase its ongoing evolution in the crypto space. As always, investments in crypto assets carry inherent risks, and individuals are advised to conduct thorough research and seek professional financial guidance before making any investment decisions.

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