FIL (Filecoin) down 11.53% in the last 24 hours

Gate News Bot Message, November 11th, according to CoinMarketCap data, as of press time, FIL (Filecoin) is priced at $2.40, down 11.53% in the past 24 hours. The highest price reached $3.88, and the lowest dropped to $1.28. The 24-hour trading volume is $677 million. The current market capitalization is approximately $1.709 billion, a decrease of about $223 million from yesterday. FIL is currently ranked 51st in the global cryptocurrency market cap.

Recent important news about FIL:

1️⃣ Collaboration with Avalanche to build a cross-chain data bridge

Filecoin is working with Avalanche to develop a native cross-chain data bridge connecting the Filecoin Virtual Machine and Avalanche C-Chain. This partnership aims to create modular cross-chain infrastructure, potentially enhancing Filecoin’s interoperability and expanding its application scenarios within the cross-chain ecosystem, thereby increasing FIL’s utility and market appeal.

2️⃣ Transition to on-chain cloud services

Filecoin is shifting from a traditional storage network to on-chain cloud services. The official website has launched and opened a waitlist application, indicating active efforts to expand its service offerings. This strategic transformation could attract more enterprise users and bring new growth momentum to FIL.

3️⃣ Overall strength in the storage sector

Storage-focused cryptocurrencies have recently experienced a general upward trend, with FIL, as a representative project in this sector, having seen gains of over 100%. This reflects renewed market interest in decentralized storage solutions and may signal a new development opportunity in this field.

From a technical perspective, FIL’s price has experienced a significant short-term rally, breaking through multiple resistance levels. However, the latest data shows a pullback, and investors should be cautious of further declines. Fundamentally, Filecoin continues to advance technological innovation and ecosystem expansion, which could support FIL’s long-term value. Nonetheless, short-term market sentiment remains a key factor influencing the price.

This message is not investment advice. Please be aware of market volatility risks.