Filecoin (FIL) experiences a significant price increase, fueled by a surge in Total Value Locked (TVL) nearing $100 million and strong bullish sentiment among traders on Binance and OKX.
Filecoin ’s surge over the past 24 hours may be tied to its TVL , which has neared $100 million in the last seven days.Market analysis indicated that current sentiment favored additional growth. However, FIL will need to break through a key resistance level to sustain its upward trajectory. Filecoin ’s Total Value Locked ( TVL ) has seen a significant increase over the past week, rising from $67.17 million on the 31st of December 2024, to $92.91 million at press time.
When TVL experiences a notable surge, it often leads to positive price movement for the asset—in this case, a potential rise.As FIL approaches the psychological $100 million TVL threshold, surpassing this milestone could trigger a major capital infusion, potentially driving significant gains in the asset’s price.Binance and OKX traders fuel FIL’s rally Data from Coinglass shows that Binance and OKX traders are strongly bullish on FIL, as evidenced by a significant increase in the number of accounts placing bets on the asset, according to the Long-to-Short ratio. The Long-to-Short ratio measures the proportion of long positions (bets that an asset’s price will rise) to short positions (bets that its price will fall). A ratio greater than 1 suggests a bullish market sentiment, while a ratio below 1 indicates a bearish outlook. At the time of writing, the Long-to-Short ratio for accounts on Binance and OKX were 2.72 and 2.64, respectively, signaling that a majority of these traders expected FIL’s price to continue trending upward. This has played a role in the current price hike, and will could act as momentum to keep prices up, and prevent market decline.The Open Interest, which measures the number of unsettled contracts on an asset, has surged by 21.1% in the past 24 hours.A surge in Open Interest typically indicates that more contracts are being opened. However, the recent jump in volume—surging over 200% to reach $73
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