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Filecoin, a decentralized storage platform that has seen a 16% increase in the last 24 hours, has made a significant breakout, reaching up to $5.5. During this rally, FIL has surpassed a weekly gain of over 32% and a monthly gain of approximately 70%.
According to experienced crypto analyst and trader Naemrr, the price rally in FIL could continue further after a technical breakout. Naemrr stated that FIL recently surpassed the golden pocket level according to the weekly Fibonacci analysis.
The golden pocket is a vital Fibonacci correction zone that signifies a significant change in price movement. Breaking above this level is an encouraging signal and presents a strong possibility for further price increases. According to Naemrr, the price rally in FIL could continue up to $10.
Sushi, the Decentralized Cryptocurrency Exchange, Now Available on Filecoin
An important factor supporting FIL’s price rally was the integration of the decentralized cryptocurrency exchange (DEX) Sushi into the Filecoin Blockchain. Filecoin, the world’s largest decentralized storage network, reached a significant milestone with the integration of Sushi, a leading DEX, into the Filecoin network. This is the first example of a DEX operating on the Filecoin network.
The integration introduced liquidity pools focused on Filecoin, including Sushi’s Version 2 and Version 3 automated market makers. This development enables direct trading and liquidity provision. Additionally, Sushi’s cross-chain swap feature, SushiXSwap, enhances the user experience by facilitating seamless token swaps between Filecoin and over 30 other networks without the need for bridging or native Filecoin 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.com played a significant role in enabling this collaboration by providing the necessary hosting services for the underlying graphics directory.
To celebrate this integration, the “Filecoin x Sushi Bomb Diggity NFT” was introduced as part of the “Sushi Multi-Chain Feast” campaign. These limited edition NFTs, minted on the Arbitrum network due to Filecoin’s current lack of integration with Galxe, serve as a memento of the collaboration and are accessible to participants who complete specific tasks.