Filecoin Jumps Up to 9% as Crypto Market Strengthens
Filecoin (FIL) surged as much as 9% in the past day, moving from $2.24 to $2.44, buoyed by solid trading activity and technical support around the $2.30 zone, according to analysis from CoinDesk Research.
Even with market uncertainty lingering, analysts noted that FIL has built reliable support near $2.40, suggesting the potential for further upside.
In addition to price momentum, Filecoin’s profile is being boosted by an informal networking event it’s hosting on July 3 in Cannes, aligning with the EthCC conference.
The token’s gains reflect a broader crypto market rebound, as the CoinDesk 20 Index, which measures overall market performance, advanced 3.9% recently.
At the latest check, FIL was trading around $2.395, up 6.4% on the day.
Technical Details:
- Over the last 24 hours, FIL traded in an $0.19 band, an 8.5% range, between $2.24 and $2.44.
- The most pronounced price action occurred at 16:00 UTC on July 2, when FIL spiked 5.2% on heavy volume of 11 million units, establishing firm support at $2.30.
- The token reached a session high of $2.44 at 07:00 UTC on July 3, before entering a period of sideways movement, with resistance forming at $2.42.
- Between 11:50 and 12:49 UTC on July 3, FIL experienced significant volatility, rising to $2.42 before rapidly pulling back 4.5% to $2.37.
- A sharp volume burst of 739,000 units during the 12:30–12:31 window fueled the reversal, leading to new support at $2.38.
- As trading calmed later in the day, lighter volumes indicated the market was transitioning into a consolidation phase after the sharp swings.
