Filecoin Recovers Confidently Following Mid-Session Dip Amid Broader Market Gains
Filecoin (FIL) staged a solid recovery on August 8, bouncing back after a midday decline, as the overall cryptocurrency market gained momentum with the CoinDesk 20 Index rising 3.1%.
Over the past 24 hours, FIL traded within a 5.4% range, dipping to a session low of $2.39 around 16:00 before rebounding 5% to trade near $2.50. This controlled volatility highlights measured investor behavior during the session.
Trading volumes were notably robust, surpassing 2.8 million FIL during the dip, signaling strong institutional activity. Sustained volume during the rally further points to continued buying interest by strategic market participants, according to CoinDesk Research’s technical analysis.
The upward momentum gained strength after 19:00 and carried on through the overnight session. A significant volume spike of over 50,000 FIL within a minute-long window also underscored ongoing institutional confidence.
In a major development bolstering Filecoin’s ecosystem, the Filecoin Foundation and Ava Labs have launched a native cross-chain data bridge between Avalanche’s C-Chain and Filecoin. This new integration links high-speed smart contracts with secure, decentralized data storage through the Filecoin Virtual Machine.
As a result, FIL closed the day with a 2% gain around $2.50, reflecting optimism supported by strong market participation and expanding infrastructure partnerships.
