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Filecoin Surged 10% Amid Solana Partnership
02/19/2024

Filecoin Surged 10% Amid Solana Partnership

02/19/2024
5,0

Filecoin announced an integration with Solana to improve the reliability and scalability of the Solana blockchain. Amid this news, the Filecoin token is up 10%.

Filecoin (FIL) is up 10% after announcing an integration with Solana. This integration allows Solana to move away from a centralized approach and make block history more accessible, simplifying the process for developers, indexers, and network participants. Filecoin is a decentralized storage service designed to keep the most important data safe. Filecoin offers more secure, resilient, and cost-effective storage options.

The collaboration with Solana is part of a broader initiative by Filecoin, which seeks to increase its presence in the cryptocurrency market. Solana will utilize Filecoin's tools, which will enhance the scalability and security of Solana's protocols.

Immediately after the announcement, Filecoin grew by 10%. At the time of writing, the asset was trading at $6,626. Filecoin's market capitalization was $3.3 billion.

Source and Copyright © TradingView

From a technical point of view, the Filecoin market is bullish, but the RSI index has recently moved into overbought territory, indicating a possible price decline to the nearest support level of $4.90 in the near term.

Meanwhile, SOL has not reacted in any way to the integration news. The asset is trading around the $112 mark.

This is not a 100 percent statement. The cryptocurrency market is very volatile. Investors should be cautious and do their own research.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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