Filecoin’s native token (FIL) slid from $2.39 to $2.23 over the past 24 hours, a decline of nearly 7%, according to CoinDesk Research’s technical analysis model. The token posted heightened volatility, with a $0.19 intraday range representing approximately 7.9% swings.
Selling pressure was heavy at the $2.41 resistance level, driving trading volume to 5.92 million FIL — well above the 3.42 million daily average. Buyers defended the $2.23 support floor, with volume spiking over 4.8 million, suggesting potential exhaustion among sellers and the formation of a short-term base.
The technical model noted classic capitulation patterns, where intense sell-offs are followed by relief bounces, signaling that FIL may be stabilizing above its key $2.23 level.
FIL was last down about 5.1%, trading near $2.26. The broader cryptocurrency market also declined, with the CoinDesk 20 Index falling 3.6%.
Technical Snapshot
- Resistance at $2.41 triggered heavy selling and high-volume rejection.
- $2.23 support held during multiple intraday tests, indicating strong buyer defense.
- Peak trading activity reached 5.92 million FIL, well above the daily average.
- Capitulation followed by relief suggests sellers may be exhausted.
- A consolidation zone is forming around $2.25 after the intraday rebound.
