Filecoin (FIL) has captured attention in the crypto world, stabilizing at key support levels and preparing for a potential surge. As the broader market shows bullish signals, FIL appears ready to breakout, driven by growing optimism among traders and investors.

Currently, Filecoin has an impressive 24-hour trading volume of $380.46 million and a market cap of $3.35 billion. The recent 4.39% price increase over the past day highlights the growing confidence in FIL’s upward trajectory and expectations for further gains.

Jonathan Carter, a well-known cryptocurrency analyst, is one of those who holds a bullish stance on FIL price action. Carter observed that Filecoin is currently in a descending wedge formation, which historically indicates a potential upside breakout. He stressed that if Bitcoin remains stable around $70,000, the chances of a bullish surge are even higher.

If a breakout occurs, Carter outlined specific price targets for FIL, with potential milestones at $6.75, $7.67, and $9.15. These targets suggest that Filecoin has huge potential upside if it breaks out of its current pattern as expected.

Changelly, a popular cryptocurrency trading platform, is also optimistic about Filecoin’s price action. They predict a 10.39% increase in price, further amplifying the bullish sentiment of Carter’s analysis.

Technically, Changelly’s indicators point to a neutral-to-bullish sentiment, with a 63% majority market sentiment reflecting a positive bias. The Fear & Greed Index, another key investor sentiment indicator, is at 73 points, indicating “greed” and consistent with investors’ growing confidence in Filecoin’s prospects.