FIL Drops as High-Volume Selling Pushes Prices Lower
Filecoin’s token (FIL) fell sharply over the past 24 hours, dropping from $2.39 to $2.23 — a nearly 7% decline — according to CoinDesk Research’s technical model. The token showed elevated volatility, with a $0.19 intraday range representing about 7.9% swings.
Heavy selling emerged at the $2.41 resistance level, pushing volume to 5.92 million FIL, well above the 3.42 million daily average. Buyers defended the $2.23 support floor, with volume spiking above 4.8 million, suggesting potential seller exhaustion and a forming short-term base.
The model highlighted classic capitulation patterns, where aggressive sell-offs are followed by relief bounces, indicating FIL may be stabilizing above its key $2.23 floor.
FIL was last down roughly 5.1%, trading near $2.26. The broader crypto market also retreated, with the CoinDesk 20 Index down 3.6%.
Technical Highlights
- $2.41 resistance triggered heavy selling and volume surge.
- $2.23 support held during multiple intraday tests.
- Trading peaked at 5.92 million FIL, far above the daily average.
- Relief bounces after capitulation suggest sellers may be exhausted.
- A consolidation zone is forming around $2.25 following intraday recovery.
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