Filecoin delivered one of cryptocurrency’s most explosive moves during the 24-hour period, rising from $1.33 to $2.27 in a rally that established the token as a clear sector leader, according to CoinDesk Research’s technical analysis model.
The 70% advance occurred over an overall range of $0.95, with FIL demonstrating sustained momentum through three distinct phases of accumulation, breakout and consolidation above psychological levels according to the model.
The model showed that the most dramatic movement materialized on November 7 at 00:00 UTC as an unusual volume of 72.8 million tokens, 247% above the 24-hour simple moving average, drove prices through critical resistance at $1.93.
The rally peaked at $2.25 before settling into consolidation above $2.00, confirming the broader uptrend’s resilience despite minor retracement pressure towards the session close, the model revealed.
FIL’s performance coincided with broader strength across the decentralized physical infrastructure (DePIN), which jumped 11%, while major cryptocurrencies traded mixed.
The outsized rally in FIL came as other cryptocurrencies fell. The broader market gauge, the CoinDesk 20 Index, was 1.8% lower at press time.
Technical analysis:
- Primary support established above the $2.15 psychological level, with initial resistance at previous highs of $2.25.
- Progressive volume spikes of over 1 million tokens during breakout phases confirmed institutional participation throughout the advance.
- Three-phase uptrend completed with accumulation around $1.34-1.38, breakout rally to $1.95, and final rise establishing new range.
- Hourly momentum remained bullish despite volatility above 15%, with solid support above $2.00 validating uptrend resilience.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
