As the market continued to collapse, Filecoin also had a difficult year in 2022. However, as many analysts and industry professionals predicted, it began to recover at the beginning of 2023. By the conclusion of the second quarter, it suggests that more users will be using Filecoin’s cloud storage solution.
The FIL price was significantly impacted by the SEC’s listing of FIL as a potentially unregistered security in the US. The main cryptocurrency exchanges Coinbase and Binance were also sued by the SEC in June, which further lowered the price of FIL.
Market analysis and the current price of Filecoin
Filecoin is currently selling at $3.31, has a market size of $1,501,928,888, around 71,175,976 FIL coins are in circulation, and is trading at $3.31, according to CoinMarketCap. Although the FIL price remained unchanged for a while after taking a significant dip, it has steadily started to show encouraging signals recently, rising by roughly 1.19% in the past week.
The Filecoin project raised $205 million in an ICO in 2017, and as of right now, it holds the 31st-place market capitalization ranking and the 43rd-place trade volume ranking in the last 24 hours. While both the MFI and the RSI remained in the middle of their ranges, indicating some uncertainty, the MFI of FIL showed considerable liquidity withdrawals. The on-chain statistics for Filecoin showed increased development activity, while the on-chain volume showed a low level of activity.
Is Filecoin’s price of $100 realistic?
No, based on our projection of the price of Filecoin, it appears unlikely that the coin will hit the $100 threshold. So, it is unrealistic for Filecoin to reach the $100 threshold. Given its present value, the token must increase by approximately 30 times in order to reach $100. We predict that the token will not surpass the $7.00 threshold in 2023 and will instead reach a high of $29.40 by 2030.
According to the forecasts, the token will only increase in value to a maximum of $38.7 by the year 2030. To achieve $100 in 19.58 months, Filecoin needs to grow by roughly 0.97 times each month. The BTCC Academy also predicts that FIL is unlikely to hit the $100 level and projects that the token’s highest price by 2030 would be $58.75.
Telegaon believes that Filecoin is a great initiative with a bright future. The price of Filecoin may soar as more investors are drawn to the FIL project, reaching the $100 target between 2029 and 2030.
Considerations for Investment
With a well-thought-out goal and roadmap, Filecoin has established itself as one of the top 30 coins in the cryptocurrency space and has the capacity to fundamentally alter the entire industry. In the future, Filecoin’s FIL might overcome all obstacles to turn into a profitable long-term investment.
Investor anxiety resulting from the recent SEC categorization of Filecoin as a security may have an effect on the future of FIL investments. Therefore, before investing in Filecoin, think about the FIL regulatory environment and assess its long-term viability.
Regardless of the cryptocurrency, it is crucial to use a successful investment strategy in order to make wise choices and increase returns from crypto investments. By making investments in both traditional and digital assets, investors can diversify their portfolios. A wise investor only invests what they can afford to lose. Any financial market, including the cryptocurrency market, can use this method.
Additionally, keep in mind that the cryptocurrency market is very volatile, which may put off traders. High volatility can increase returns but can also make losses worse. In general, traders must follow fundamental principles and techniques to maximize their wealth.