Filecoin (FIL) Gains Traction After Bithumb Listing, Analysts Project a Mid-Term Price Target of $30

Filecoin (FIL) has gained considerable traction after being listed on South Korea's leading cryptocurrency exchange, Bithumb.

Cryptocurrency Filecoin (FIL) has seen a surge in interest following its listing on South Korea’s leading exchange, Bithumb.

In the past 24 hours, FIL’s price increased by 7.31%, while its weekly growth reached 20.03%. At the time of writing, Filecoin was trading at $6.04 with a market cap of $3.74 billion and a circulating supply of 620 million FIL.

Bithumb Listing to Boost Filecoin’s Trading Activity

Earlier this week, Bithumb announced the listing of Filecoin on its platform. Commencing on January 6, Filecoin will begin trading in the KRW market.

To ensure a smooth launch, several measures have been put in place by the exchange. During the first five minutes of trading, only buy orders will be accepted. Additionally, price movements will be restricted, with a range of +100% and -10% from the initial price, which is set at 8,680 KRW.

Furthermore, to avoid any transaction issues, users are advised to adhere to Bithumb's network and deposit guidelines. Following these policies will help prevent delays or complications in completing transactions on the exchange.

This announcement has sparked interest in the market, with Filecoin’s trading volume reaching $572 million in 24 hours.

Technical Indicators Suggest Further Price Increase

Filecoin has broken out of a multi-year symmetrical triangle pattern on the technical front, which is being viewed positively by analysts.

According to crypto analyst @WorldOfCharts1, “Filecoin has cleared its multi-year downtrend, retested successfully, and formed a higher high. Technically, FIL is ready for a multiple X rally with a mid-term target of $30.”

The chart shows how Filecoin has broken out, retested, and formed a higher high. This pattern is usually associated with bullish momentum, which could lead to further price increases if conditions remain favorable. This technical outlook aligns with the broader market's increasing interest in Filecoin.

Rising Open Interest, TVL Highlight Filecoin's Strength

Filecoin's futures open interest (OI) has risen significantly over the past few days, according to data from Coinglass. On January 3, OI stood at $242.34 million, which climbed to reach $358.30 million on January 5 – marking the highest level since December 2024. This indicates fresh capital entering the market and heightened trading activity around Filecoin.

Meanwhile, Filecoin's Total Value Locked (TVL) has also seen a steady increase, as shown by data from DefiLlama. Within a week, FIL's TVL rose from $67.69 million to reach $93.12 million, suggesting growing activity within its decentralized applications.

This increase could indicate that more users are utilizing Filecoin-based protocols, which would strengthen its ecosystem in the process.

Filecoin's Advancements in Decentralized Storage Highlighted

In Messari's "The Crypto Theses 2025" report, there are some interesting findings related to Filecoin. Among them are advances in the Filecoin ecosystem, such as Fast Finality (F3) and a 30% increase in storage utilization. The report states, "Filecoin is shaping the future of decentralized storage," highlighting the platform's growing importance in the industry.

As the new year begins, the findings from @MessariCrypto's Theses for 2025 remain a testament to Filecoin's growing momentum. From nearly 30% storage utilization growth to advancements like FWS and Fast Finality (F3), Filecoin is shaping the future of decentralized storage. pic.twitter.com/zQZBb1zdii

With rising trading activity, increased adoption, and technological advancements, Filecoin is being positioned as a key player in decentralized storage. The combination of technical developments and the Bithumb listing showcases its increasing role within the cryptocurrency market.

FAQs:

What is Filecoin’s current price and market cap?

Filecoin (FIL) is priced at $6.04 with a market cap of $3.74 billion.

Why is Filecoin gaining attention?

A Bithumb listing, technical breakout, and rising TVL are boosting interest in Filecoin.

What is Filecoin’s mid-term price target?

Analysts project a mid-term target of $30 based on technical analysis.