Solana announces Filecoin integration, boosting FIL by 7%

Solana announces integration with Filecoin. This has contributed to the FIL price increase, which was about 7% as of Saturday’s most recent report. Enhancing blockchain security, achieving scalability, and bolstering decentralization for Solana are the goals of the integration. Furthermore, the utilization of Filecoin will aid Solana in her efforts to decrease redundant data.

The integration came after Solana faced several criticisms about its centralized storage solutions. Filecoin will now help the network move away from that image while improving reliability for developers and users. Users, indexers, explorers, and developers will be able to access Solana’s block history.

What stood out recently was the surge in the price of FIL. The Saturday market closed with the token rallying at a 7% high margin, exchanging hands at $6.23 for a ~14% gain in the last 7 days since Saturday. There is now growing speculation that FIL will soon touch the January 11 peak of $6.5 to set the target of $8.12.

The current trend does support the speculation. FIL is listed at $6.47 while the article is being drafted. That is an increase of 1.64% in the last 24 hours and a surge of 22.64% in the last 7 days. FIL prediction estimates that the token can end the year at $8.20, with an alternate possibility of $5.70. No matter the target FIL touches, it looks certain that the token will rise in the year 2024.

Filecoin has confirmed the development through a post on X, stating that it is a significant move for Solana to drive away from coming out as a centralized storage solution. Filecoin added that Solana will leverage its decentralized storage capabilities to stay true to the ethos of decentralization. Community members have praised the development, calling it great news. Others have said that it sets Solana out for a drive to a better future.

This is possible, considering Solana has been rallying with an upward trajectory of 2.12% in the last 24 hours. SOL is exchanging hands at $111.79 while the piece is being articulated. Solana is expected to set the safety net at $110 for a further rise to $115 and beyond. Assuming the integration moves seamlessly, Solana would move away from being a centralized storage platform, per the image, to a decentralized player in every possible aspect.

Meanwhile, Solana introduced the future of tokenization by bringing its token extensions to light. This ready-to-use functionality facilitates the creation of customized token experiences by developers. Its significance stems from the recognition that it requires adherence to business regulations. Solana’s token extensions are dedicated to delivering flexible and secure tools that can be utilized in both physical and virtual environments.

Moving forward, all eyes are on how the integration of Solana with Filecoin works out. This pertains to the decentralization, security, and trading values of both native tokens.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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