Filecoin stays beaten up by the present market’s heavy volatility because it continues pointing downwards. Based on the most recent market data, FIL plummeted by 18% since last week, representing a major slash in value.
Investors remain shaken by the present market losses of the token. Nonetheless, several developments might repair the lost trust within the token, however it stays to be seen what impact they might need on the long run performance of FIL.
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A Series Of Wins For Filecoin
Despite having a nasty start in August, the ecosystem still has aces up its sleeve that may turn the tide.
Yesterday, the X account Cricimiento announced that they’re partnering with the Filecoin Foundation to “help advance Argentina’s crypto ecosystem” at Aleph, a crypto event in Argentina that goals to show the country into the world’s crypto capital.
🏙️🇦🇷🌞 @FilFoundation is joining forces with Aleph!@Filecoin decentralized storage ensures secure and efficient data management using blockchain technology.
Catch the team this August to see how they’re helping advance Argentina’s crypto ecosystem! 🌐 pic.twitter.com/vEAUATRPec
— Crecimiento 🔜 Aleph (@crecimientoar) August 2, 2024
The event will likely be held this month, with major crypto institutions supporting the event. This may give the Filecoin Foundation a probability to reinforce the reach of the organization because the prime provider of decentralized storage inside Web3.
Filecoin Station also presented one other win for the platform. Back on August 2, Station announced that a whopping 16,911 participants had participated on the platform in July. This number only represents addresses that finished a job on the platform, however it stays significant because it shows lively use of Filecoin’s network.
The Station Network reached a recent record 16,911 participants* within the network in July 2024. Thanks a lot to everyone who runs a Station as we work to let anyone join and contribute to Web3.
*(defined as unique FIL addresses completing jobs) pic.twitter.com/jSyri9dMZi
— Filecoin Station (@FilecoinStation) August 2, 2024
With a giant emphasis on improving Filecoin’s ability to store data for Web 3, in addition they released a roadmap for Spark, a step-by-step network upgrade that may improve user and developer experience on the platform.
Features value more highly data quality, a public grant write-up system, recent tools for the general public, and incentives for investors will likely be rolled out inside this mount.
FILUSD trading at $3.71 on the day by day chart: TradingView
The Spark upgrades will cement Filecoin as a top provider of decentralized storage. Its entry into the world of AI last month will even help boost the token’s influence within the AI and data storage industry.
Slowing Bears Might Slow Weekly Losses
Filecoin bulls are still scuffling with deflecting the present market downturn FIL is experiencing. But with the token’s current support at $3.570, we’d see a resurgence inside the medium to long-term.
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The token’s current trajectory remains to be troubling. Nonetheless, if the bulls can defend its current support level, the token has a probability to retake early July levels– around $4.394. Stabilizing the token’s price will likely be the bull’s consolation price because it gives them a robust support for any upwards movement.
Investors and traders, nevertheless, should remain cautious because the market conditions remain in favor of the strong downward pressure present inside the market.
Featured image from Pexels, chart from TradingView