Filecoin (FIL), the native cryptocurrency of the decentralized storage platform of the same name, is making big moves. According to CoinGecko, the price of FIL has appreciated by 16% in the last 24 hours alone and as a result, it has reached a price of $5.5.
In the midst of the current recovery, FIL has expanded its weekly gains by more than 32% and monthly gains by close to 70%. This movement occurred after the decentralized exchange Sushi began operating on the Filecoin network. As a result, the market became excited about the possibility of expanding the use of the network.
Sushi na Filecoin
“Filecoin, the world’s largest decentralized storage network, has reached a significant milestone by integrating Sushi, a leading decentralized exchange (DEX). This marks the first instance of a DEX operating on the Filecoin network,” the protocol said in an official statement
According to the Filecoin team, the integration includes the introduction of Sushi version 2 and version 3 automated market makers (AMMs). Additionally, Sushi’s concentrated liquidity pools will also be present on Filecoin. This development enables direct trading and provision of liquidity to network users.
At the same time, the integration unlocks the swap capability between Sushi’s blockchain, SushiXSwap, for Filecoin, facilitating the seamless exchange of tokens on it and over 30 other networks. this tends to simplify the user experience without the need for native Filecoin bridges or tokens.
“The partnership between Sushi and Filecoin not only strengthens Sushi’s position in the multi-chain and cross-chain space, but also encourages users and developers to explore Filecoin’s decentralized storage capabilities. Laconic played a crucial role in providing essential sub-graph index hosting services to make this collaboration possible,” the announcement adds.
To celebrate this integration, Filecoin launched a campaign titled “Sushi Multi-Chain Feast”. This campaign involves the creation of a collection of NFTs, the “Filecoin x Sushi Bomb Diggity NFT”. The tokens are on the Arbitrum network, as Filecoin was not yet integrated with Sushi. However, Filecoin users will be able to receive NFTs if they complete certain tasks.
FIL disappears 16%
Popular trader Naemrr explains that FIL’s price rally will likely continue after the recent technical breakout. According to the trader, FIL price recently surpassed the golden pocket level in the weekly Fibonacci analysis.
As the trader explains, the golden pocket is a vital Fibonacci retracement zone, which indicates the imminence of a significant change in price action. This advance is an encouraging indicator, which raises caution as we anticipate the possibility of substantial price increases beyond this level, he noted.
“It is very likely that this FIL price rally could continue until the price reaches $10 going forward,” said Naemrr.