- Filecoin’s TVL surged from $67M to $92M, approaching the critical $100M milestone.
- Bullish sentiment from Binance and OKX traders suggests continued upward momentum for FIL.
- Open Interest surge and increased trading volume support a potential price rally for FIL.
Filecoin is showing a bullish outlook. Over the past 24 hours, the price surged by 10.35%, gaining 22.82% in the past week. This rise has drawn attention and raised expectations for more growth. However, FIL must break through a key resistance level for the upward trend to continue. Let’s explore what happens next as FIL’s Total Value Locked (TVL) nears $100 million.
Growing TVL Could This Drive Further Growth
Over the past week, Filecoin’s Total Value Locked—TVL, jumped from $67.17 million to $92.91 million. TVL tracks the amount of tokens locked into Filecoin protocol. When TVL increases, it often signals growing market confidence and price movement. As FIL approaches the psychological $100 million mark, breaking through this level might trigger more investment and fuel further price gains.
This surge in TVL suggests rising capital within Filecoin’s ecosystem. If the $100 million milestone is surpassed, it could lead to a price boost. However, resistance levels could pose a challenge. Will this influx of capital spark continued growth, or will the price struggle to break through?
Bullish Sentiment and Growing Market Activity
Traders are betting on Filecoin’s price continuing to rise. Data from Coinglass shows strong bullish sentiment among Binance and OKX traders. The Long-to-Short ratio stands at 2.72 on Binance and 2.64 on OKX, signaling more traders are placing long bets.
Additionally, Open Interest surged by 21.1% in the last 24 hours. This suggests more contracts are opening, adding fuel to the upward movement. Trading volume spiked by over 200%, reaching $732.45 million. If this momentum continues, FIL might break through the $6.97 resistance level.
Filecoin’s price could jump by 143.37%, reaching $16.79 if the bullish trend persists. For now, traders are watching to see if the rally continues or if resistance levels slow down progress.
