Filecoin Price Surges 10% on News of Waffle Network Update and Strategic Partnership with SingularityNET

Filecoin Price Surges 10% on News of Waffle Network Update

Filecoin, the leading DePIN token, saw a 10% surge in price to $4.56 as it continues to print bullish candles in lower timeframes. This uptick in price comes on the heels of a trend reversal triggered by the announcement of a network update called Waffle.

The Waffle update, set to launch on the mainnet on August 6, 2024, brings several key improvements aimed at enhancing performance and unleashing new capabilities. These updates, bundled up in the Filecoin Improvement Proposals (FIPs) in NV23, include the launch of FIP-00068 for F3 testing in the mainnet and support for Legacy Ethereum Transactions in FIP-91.

In addition to these updates, Filecoin also announced a strategic partnership with SingularityNET to transform AI data storage through secure and verifiable model training. This partnership aims to enhance AI development and solidify Filecoin’s position as a go-to platform for AI projects.

The news of the Waffle update has put Filecoin on the global crypto map, with traders rushing to make early entries. The price of FIL bounced off slightly above $4, with support steadied by an ascending trend line. The trading volume has also increased, fueling the rally as FIL seeks higher support above $4.5.

With Filecoin holding above key bull market indicators and a buy signal from the Moving Average Convergence Divergence (MACD), investors are optimistic about the uptrend. The next key hurdle for FIL would be breaking the resistance between $4.8 and $5. If bulls can surpass this level, a new uptrend may be on the horizon.

Overall, Filecoin’s Waffle update and strategic partnerships are positioning the token as a key player in the DePIN sector, attracting projects in the fast-growing field of artificial intelligence. Investors are keeping a close eye on Filecoin as it continues to make strides in the blockchain and AI sectors.