Storage demand on Filecoin ( $FIL ) increases in 2024, FIL price is in the potential buying zone

The story of decentralized storage in particular and DePin in general is still not attractive enough to promote capitalization for related projects like Filecoin (FIL). But the fundamental factors are still very positive for investors to continue raising hope for the future.

Here are the latest notes and reviews about Filecoin (FIL), from BeInCrypto.

Signs show that user adoption of Filecoin is steadily increasing

A Crypto project with more and more users will help strengthen its long-term existence. The price of the project's coin or token may not have kept up, but user acceptance is the foundation for the project to continue to develop. Filecoin (FIL) is such a project.

Filecoin Data Sets: In Q1/2024, there were 508 customers utilizing data sets larger than 1,000 TiB, a 9% increase from Q4/2023 (465 customers). Notable customers include The Internet Archive, Solana Lab, USC Shoah Foundation, University of Utah.

Filecoin (FIL): FIL tokens are used for storage and transfer needs. Increased demand may lead to long-term FIL subsidy.

FIL Price: Potential 2024 buy zone. Negative news about core technical team members led to selling pressure, causing a nearly 60% drop from peak prices.

Technical analysis of FIL using Donchian Channel and Volume Profile indicators suggests strong support in 2024. The Donchian Channel indicates a key support zone between $4.5 and $5, coinciding with FIL's largest liquidity area over the past year according to Volume Profile. This indicates a high likelihood of FIL rebounding within this price range.

Despite a 97% decline from its all-time high, FIL has consistently accumulated below $10 over the past year. Therefore, the area below the identified support remains viable for long-term FIL holding. Long-term expectations are supported by user demand and acceptance levels.