Filecoin Tumbles Past $2.38 Support, Down Over 6% on the Day -

Support breached: FIL fell below $2.38 on strong volume.
Volatility spike: Over 6% intraday range reflects market uncertainty.
Bearish pattern: Descending channel suggests downside continuation.
Bounce attempt: Buyers stepped in late near $2.35 with increasing volume.

Filecoin Slips Below Key Support as Bearish Pressure Builds

Filecoin (FIL) experienced heightened selling pressure over the past 24 hours, falling 4.6% to around $2.36 and breaching a key technical support level at $2.38, according to CoinDesk Research’s analysis.

The token traded within a volatile 6% range during the period, with high-volume activity suggesting potential institutional selling. The breach below support occurred overnight, coinciding with a notable increase in trading volume to 7.54 million tokens.

Technical indicators point to a descending channel forming in the final hour of trading, often seen as a continuation pattern in downtrends. FIL made a modest recovery attempt toward the end of the session, bouncing to $2.35 with buying volume peaking at 91,211 tokens — a sign of emerging interest at lower levels.

The pullback aligns with broader market weakness, with the CoinDesk 20 Index down 3.6% over the same period.

In a separate development, SingularityNET announced it will use Filecoin’s Lighthouse protocol for decentralized metadata storage, highlighting continued ecosystem growth despite the price drop.