Key Insights
- Decentralized storage tokens are rallying, while the overall crypto market consolidates.
- Filecoin is leading the charge: Up 19% daily and 42% weekly, potentially aiming for $9.3 after breaking resistance.
- Arweave is following closely: Up 13% daily and 69% weekly, potentially targeting $18.2.
- Siacoin is showing impressive growth: Up 12% daily and 56% weekly, with a potential rally to $0.03.
The crypto market has been consolidating recently, after Bitcoin’s break above $50,000.
The entire market has declined collectively, by around -0.1%, and is just trading under the $2 trillion figure in terms of market cap.
However, one niche is performing excellently in comparison, for some reason.
This niche is the decentralized storage ecosystem.
The Storage Tokens Are Rallying
According to data from CoinMarketCap, the decentralized storage tokens are up by around 4.5% collectively, and have witnessed an increase in trading volumes by around 43%, as shown in the snapshot below:
Here are some of the best-performing storage tokens, and what you should know about them in terms of price.
1. Filecoin
Filecoin is by far, one of the best-performing storage tokens on the market over the last day and over the last week, even.
Data from CoinMarketCap shows that filecoin is up by nearly 19% over the last day and by a staggering 42% over the last week.
According to the chart below, Filecoin is trading on top of an ascending trendline, which shows that through it all, the bulls are stronger than the bears.
The current bullishness started when Filecoin broke above the $6.48 resistance from 12 January.
As shown by the chart above, we have the current price of Filecoin attempting to break above the $8.12 high from 1 January.
If we see a break above this price level, Fiecoin is expected to continue further upwards after a possible consolidation, to as high as $9.3.
2. Arweave
Arweave is also incredibly bullish on most timeframes, as indicated below:
Arweave has registered more than a 13% gain over the last day alone, along with a weekly gain of a whopping 69%.
In the charts, we can see that Arweave just broke and closed above the $13.95 resistance for the first time since 6 November last year.
While this paints a lot of bullish potential for the cryptocurrency’s rally to as high as $18.2 or even further upwards, investors should note that Filecoin has failed to sustain a break above this resistance since breaking below in May 2022.
3. Siacoin (SC)
Siacoin is also incredibly bullish over all timeframes, as shown below:
Siacoin is up by around 12% over the last day, and by an impressive 56% over the last week, as shown above.
In the charts, we can see that the bulls found pretty solid support for the cryptocurrency around $0.0083, sending it parabolic in an almost literal sense.
Even better, the cryptocurrency has also broken above the $0.0135 high from 24 January, indicating that the bulls are very active from here.
There is no telling how far up Siacoin can go from here.
However, judging by the bullishness it has displayed so far, a rally to $0.03 would not be so far-fetched.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
