Filecoin Slides 7% as DePIN Tokens Trigger Market Selloff
Filecoin (FIL) fell 7.3% over the past 24 hours, dropping from $1.48 to $1.38, as decentralized physical infrastructure (DePIN) tokens led a sector-wide liquidation. FIL has been in a clear downtrend, recording consecutive lower highs since its Dec. 10 peak at $1.55, according to CoinDesk Research.
Trading volume surged to 10.6 million tokens during the drop. Momentum accelerated after FIL failed to reclaim resistance at $1.52 and broke the key $1.43 support, with volume spiking 85% above average, signaling institutional selling. Price found temporary stability near session lows around $1.37, indicating short-term exhaustion.
The broader crypto market also weakened. Bitcoin slipped below $91,000, and the CoinDesk 20 index was down 3.4% as risk-off sentiment pushed capital away from infrastructure-focused tokens.
Technical Snapshot:
- Support: $1.37 session low; broken $1.43 now resistance
- Resistance: $1.39 rejection zone
- Volume: 85% surge confirms institutional selling; 6x spike during failed reversal shows distribution
- Downside Targets: $1.30–$1.35 if $1.37 floor fails
