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Filecoin's recent momentum is catching attention. Over the past 12 hours, FIL has climbed 2.5%, extending this week's rally to an impressive 11% gain. Several factors are aligning to support the upside.
On the technical front, the descending wedge pattern has officially broken—a classic bullish signal that traders monitor closely. What's equally compelling is the supply-side dynamics: exchange balances have shrunk 10% over the past month, suggesting holders are moving coins off trading platforms, typically a sign of accumulation conviction.
There's also upcoming on-chain development to watch. The Cloud upgrade announcement has sparked interest among protocol participants about enhanced functionality and ecosystem expansion.
For positioning, analysts are eyeing the $2.00 level as a realistic target, while $1.45 serves as a key support zone to hold. The confluence of technical breakout, supply tightening, and protocol momentum creates an interesting setup worth monitoring.