While the rest of the market was in the red, FIL, the Filecoin decentralized storage project’s token, shrugged off Elon Musk’s Twitter rumors and soared 25% to its best levels since May 18.
Today, FIL has established itself as a true star of the cryptocurrency market, not only preserving but actively strengthening its positions, which has enraged the bearish. At 03:00 UTC today, the token peaked at $102.10 in the FIL/USD pair, following which it fell marginally but remained in the positive zone. The cryptocurrency is now trading at $89.97 on Binance.
In the meanwhile, the price of Bitcoin has fallen by almost 5.3 percent, while the cost of Ethereum has fallen by 6.52 percent. The top 10 CoinMarketCap coins dropped in price by an average of 9%, following the lead of the market’s significant cryptocurrencies. In this context, the market capitalization of the S&P 500 fell by $128 billion.
Many people were astonished by Filecoin’s resiliency, especially given no high-profile events or pronouncements about decentralized file storage occurred this week. On May 27, the engineers released an upgrade to the HyperDrive network, resulting in a 10 to 25-fold boost in storage connection speed.
On the other hand, the token managed to catch the attention of traders who thought it was undervalued based on the RSI value. This offered short-term “insurance” for individuals attempting to mitigate risks following a slight “drawdown” in the market in response to another tweet from Musk.
Filecoin is unlikely to see an upswing until a significant event in its news context occurs. However, looking at the sagging market, it’s comforting to know that the token’s current holders are not depressed.