Filecoin (FIL) Price Extends Its Gain by 5% and Trades Around $6.20 on Monday

Filecoin (FIL), a decentralized storage network, extends its gain by 5% and trades around $6.20 on Monday after surging more than 19% the previous week.

Filecoin (FIL) price up 5% on Monday, extending gains after surging more than 19% in the previous week. The recent price surge can be attributed to several factors, including the announcement by Bithumb, the second largest exchange in South Korea, that it will be adding a new Filecoin Korean won trading pair on Monday.

Moreover, Messari's "The Crypto Theses 2025" report also highlights Filecoin's growing momentum in 2025. According to the report, “From nearly 30% storage utilization growth to advancements like FWS and Fast Finality (F3), Filecoin is shaping the future of decentralized storage.”

From nearly 30% storage utilization growth to advancements like FWS and Fast Finality (F3), Filecoin is shaping the future of decentralized storage.

As the new year begins, the findings from @MessariCrypto's Theses for 2025 remain a testament to Filecoin's growing momentum.

From a technical perspective, FIL bulls are aiming for the $8.4 mark. Filecoin price found support around the weekly level of $4.85 in mid-December and rallied 22% until the end of the month. At the time of writing on Monday, FIL continues to trade higher at around $6.20.

If FIL continues its upward trend, it could extend the rally by 35% to retest the 61.8% Fibonacci retracement level, drawn from the March 2024 high of $11.85 to the August 2024 low of $2.87, at $8.42.

The Relative Strength Index (RSI) on the weekly chart reads at 56 after bouncing off from its neutral level of 50 on December 23, indicating a rise in bullish momentum.