Filecoin gave back previous gains to trade 1% lower over the last 24 hours. as the stock token underperformed broader crypto markets.
The broader market gauge, the CoinDesk 20 Index, was modestly higher at press time, trading up 0.2% at 2,662.
Trading volatility intensified as the session progressed, with FIL establishing a $0.08 range, representing 6.4% of the market cap, according to CoinDesk Research’s technical analysis model.
The model showed peak volume at 6.36 million tokens, or 140% above the 24-hour average, prompting a sharp rise from $1.22 to $1.26 before meeting resistance at $1,266.
The last trading hour revealed dramatic reversals as FIL dropped from $1,266 resistance, accelerating to a sharp liquidation that drove prices from $1,261 to $1.20 according to the model.
The model showed massive volume spikes exceeding 497,000 tokens of confirmed institutional sales as the token surged through multiple support levels.
Technical analysis:
- Primary resistance is capped at $1,266 after failed breakout attempts; support zone established at $1,201-$1,207 after breakdown
- Institutional activity peaked with 6.36 million tokens driving the initial surge; liquidation volume hit 497,000 during the reversal
- Area bound structure with $0.08 total bandwidth (6.4%); resistance breakdown confirmed failure to sustain higher levels
- The trading floor appeared at $1,207 in line with session range lows, suggesting potential stabilization near current levels
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
