Heavy Trading Spurs 4% Rise in Filecoin, Fueling Talk of Institutional Purchases

Filecoin Gains 4% as Trading Activity Rises and Institutional Interest Grows

Filecoin (FIL) climbed as much as 4% in the past 24 hours, supported by signs of growing institutional interest, according to technical analysis from CoinDesk Research.

FIL saw a notable increase in trading activity, with around 2.65 million tokens changing hands—significantly higher than the average daily volume of 1.89 million.

The token maintained an upward trend from overnight lows, facing resistance around $2.38 while securing support above $2.33 throughout the trading session.

Filecoin’s rally paralleled gains in the broader crypto market, as the CoinDesk 20 index rose 2.7% over the same period.

At last check, FIL was trading approximately 3.5% higher on the day, near $2.36.

Key Technical Insights:

• FIL traded within a 24-hour price range of 5%, moving between a low of $2.26 and a high of $2.38. The price range narrowed to just 0.47% in the final hour of trading.
• Trading volume spiked to 2.65 million tokens during key support tests, representing a 40% increase over the average daily volume.
• Strong support has formed around $2.29, with resistance seen near $2.38. The psychologically important $2.35 level remains under scrutiny.
• Technical patterns indicate an upward trend marked by higher lows. However, a bearish divergence was observed toward the end of the session as trading volumes began to decline.