Filecoin (FIL) fell sharply on Tuesday, slipping through multiple support levels as selling pressure intensified, according to CoinDesk Research’s technical model.
The token broke through key supports at $2.39, $2.37, and $2.36 during the U.S. session, with the steepest drop occurring in the final trading hour. Panic selling was evident, as single-minute volume spiked to 530,000 FIL, highlighting elevated market stress.
CoinDesk’s analysis points to institutional liquidations and high-volume selloffs driving the decline. FIL was trading around $2.31, down 4.4%, while the broader crypto market, as measured by the CoinDesk 20 index, fell 3.4%.
The drop occurred despite recent network developments, including protocol upgrades, AI-focused initiatives, and preparations for FIL Dev Summit 7, the team noted on X.
Technical Overview:
- Resistance at $2.41–$2.42 held early in the session before being overcome.
- Key support levels at $2.39, $2.37, $2.36 were breached, signaling technical weakness.
- Total selloff volume reached 5.67 million FIL, reflecting institutional activity.
- Single-minute peak of 530,000 FIL indicates panic selling and potential capitulation.
The move highlights Filecoin’s current vulnerability, with institutional selling dominating short-term trading dynamics amid broader market declines.
