Filecoin Drops 7% as DePIN Tokens Drive Sector Selloff
Filecoin (FIL) slid 7.3% in the past 24 hours, falling from $1.48 to $1.38, as decentralized physical infrastructure (DePIN) tokens triggered a sector-wide liquidation. FIL has been in a downtrend since its Dec. 10 peak at $1.55, recording consecutive lower highs, according to CoinDesk Research.
Trading volume surged to 10.6 million tokens during the drop. Momentum picked up after FIL failed to reclaim $1.52 resistance and broke the key $1.43 support, with volume spiking 85% above average, indicating institutional selling. Price stabilized near session lows around $1.37, suggesting temporary exhaustion.
Broader markets weakened alongside FIL. Bitcoin dipped below $91,000, and the CoinDesk 20 index fell 3.4% as risk-off sentiment moved capital away from infrastructure tokens.
Technical Levels:
- Support: $1.37 session low; $1.43 broken support now resistance
- Resistance: $1.39 rejection zone
- Downside Targets: $1.30–$1.35 if $1.37 floor fails
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