Filecoin price mirrored that of other cryptocurrencies like Bitcoin and Litecoin. FIL was trading at $6 on Friday, which is slightly above its year-to-date low of $4.9. It has crashed by more than 84% this year, making it one of the worst performers in the cryptocurrency industry.
Filecoin is still growing
Filecoin is a leading blockchain project that seeks to solve some of the biggest challenges in the tech industry. The platform helps to simplify the file storage industry that is now dominated by a few large companies like Microsoft and Google.
Filecoin makes it possible for anyone with a computer or smartphone to share their storage and then receive compensation. These users are paid using FIL, the native token for the ecosystem.
According to the developers, the number of people using the platform to store files and provide data is increasing. There are now over 20,000 such users who are storing more than 50 million data objects. At the same time, the number of developers using the network has risen to over 7,000. Most of these developers are from the United States, South Korea, and Hong Kong.
The next major catalyst for Filecoin is the upcoming upgrade that will introduce the Filecoin Virtual Machine (FVM). The upgrade, which will happen in early next year, will be a virtual computer that developers can use to build their applications.
Still, there are concerns about the future of Filecoin and other similar decentralized storage platforms. For one, most people and companies find using centralized platforms like AWS and Azure being fine.
Another challenge is that many file storage providers could find it difficult to be paid in FIL. Unlike stablecoins, the cryptocurrency is highly volatile and has lost more than 80% of its value this year.
Filecoin price prediction
The daily chart shows that the FIL price has been in a tight range in the past few days. As a result, it is consolidating at the 25-day and 50-day moving averages. It has formed a head and shoulders pattern whose neckline is at $4.95.
At the same time, the MACD and the Awesome Oscillator are hovering at their neutral levels. Therefore, there is a likelihood that the coin will have a bearish breakout. This view will be confirmed if the coin manages to move below the important support at $4.95.
The post Is Filecoin’s FIL a good buy ahead of the FVM launch? appeared first on CoinJournal.
Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News
Solana Price Prediction for February 2023: THIS Price is very likely!
Why is Solana up? And most importantly, what is a conservative Solana price prediction for February 2023? Let’s analyze!
Solana has emerged from the crisis in recent weeks and has recovered from the FTX bankruptcy. After the SOL price fell from $36 to $12 shortly after the bankruptcy, Solana found itself in the worst crisis of its existence. But in January, the price was able to rise sharply again. Why is Solana up? And most importantly, what is a conservative Solana price prediction for February 2023? Let’s analyze!
In this article, we want to take a look at the Solana forecast for February and see if the massive increase can continue in the coming weeks.
Brief Recap on What Solana is
Solana is focused primarily on scalability. It uses a modification of the proof-of-stake consensus mechanism called proof-of-history, which allows the network to process up to 50,000 transactions per second. The Solana blockchain’s greatest strength is its speed and scalability, making it an ideal platform for developers to build scalable applications. The network token for this blockchain is called SOL.
Is Solana up in the past weeks?
In the last few weeks, the Solana price has seen a sharp rise again. With the start of the year, the crypto market has seen strong gains. Solana was one of the cryptocurrencies that have risen the most over the past few weeks. At the turn of the year, the Solana course was still slightly below 10 dollars. However, the course was able to rise to over 25 dollars in January.
In the last few days, the price has stabilized at around $24. It is still well below the price before the FTX crash. Back then, the SOL token fell from a price above $36 to $12 within a few days.
Why Solana Surging?
The main reason for the Solana crash at the time was the connection with FTX and Alameda Research, with which founder Sam Bankman-Fried very likely cheated users out of their investments. This close interdependence triggered a loss of trust.
In the past few days, investors seem to be regaining confidence and seeing the benefits of the Solana blockchain. The Solana network offers a number of advantages over other blockchains. This includes:
- High scalability: Solana uses a protocol called “Proof of History” (PoH) which enables faster transactions than other platforms.
- Low Latency: Solana has very low latency, so transactions are confirmed faster.
- Cost-effective: Solana uses a delegated proof-of-stake consensus mechanism, which makes validating transactions less energy-consuming.
All of these advantages keep Solana so popular and investors are regaining confidence in the platform after several weeks without further scandals.
What is the Solana Prediction for February?
The rise in the Solana price was massive in the first few weeks of the year. The SOL token has gained more than 100% since the beginning of the year. The stabilization of the past few days was therefore logical as we are still in a long-term bear market. A precise direction of the market is difficult to discern.
It may be that the crypto market continues to move in a positive direction and that the SOL price can continue to rise sharply. In this case, the SOL increase should continue at a slower rate than in January. But there could also be a crash that drives the price back down.
Solana Prediction: SOL Targets for Feb 2023
The SOL price could either rise or fall again more sharply. Much depends on the development of the overall market, which is difficult to forecast at the moment. There are 2 scenarios for the Solana forecast:
- Scenario 1: Markets continue to rise. In that case, we can expect Solana’s late-February guidance to be in the $30-$38 range.
- Scenario 2: The market crashes sharply. In that case, Solana’s forecast for late February is $15-$20.
Both scenarios or a mixed form are currently possible. We are at a small turning point in the market.
Is Solana a Good Buy?
An investment in the SOL token is still an investment, which is associated with risk but can also bring in high returns. It should be up to you whether you want to take that risk. Especially in these weeks, it is difficult to say in which direction a Solana forecast is going.
Where to Buy Solana?
There are many exchanges that sell the SOL token. Taking into consideration the biggest, here’s a list that we at CryptoTicker recommend:
Introducing the CryptoTicker Podcast
Every Wednesday, you can tune in to the Podcast on Spotify , Apple and YouTube. The episodes are perfectly tailored for a duration of 20-30 minutes to quickly and effectively familiarize you with new topics in a fun setting on the go.
Subscribe & never miss an Episode