Syncracy Capital co-founder, Daniel Cheung, believes that Filecoin (FIL) is on the brink of a bullish uptrend. Cheung refers to FIL as a dormant powerhouse that is ready to awaken in the current market cycle.

Cheung recently shared his positive outlook on Filecoin and highlighted three main reasons for his optimism. These reasons include the potential launch of Banyan & Basin, upcoming key primitive launches, and Filecoin's versatility beyond just being a storage protocol.

The launch of Banyan & Basin is viewed by Cheung as a significant milestone that could lead to increased enterprise adoption of Filecoin. This sentiment aligns with the observations made by crypto expert Ali Martinez, who predicted a positive trend in the Filecoin price chart in late February, noting a key resistance level at $8.50.

In addition to the Banyan & Basin launch, Cheung expects the introduction of various other essential primitives to act as a catalyst for Filecoin's growth, expanding its functionalities beyond storage to include retrieval and computation capabilities.

Cheung emphasizes that Filecoin's potential goes beyond its current role as a storage protocol and foresees it becoming a cornerstone blockchain in the Web3.0 ecosystem. The steady market performance of Filecoin, with a predicted 29.98% increase, supports this positive outlook. Since February, Filecoin's value has surged by over 107%, indicating growing market sentiment.

Investors and enthusiasts eagerly await the upcoming developments in the Filecoin ecosystem to see how it will compete with other players in the decentralized internet infrastructure space. The community is keen to see if Daniel Cheung's optimistic forecast of a successful summer for Filecoin will come to fruition.