Filecoin (FIL) gained as much as 4% in the last 24 hours, showing renewed strength amid a broader crypto market rally. The token climbed from overnight lows to reach a session high near $2.38, supported by a significant surge in trading volume, signaling strong institutional interest.
At the time of writing, FIL is trading around $2.36, up 3.5% over the 24-hour period. This move came as the overall market, led by Bitcoin and Ethereum, pushed higher, driving renewed attention to undervalued Layer 1 storage tokens like Filecoin.
Institutional Volume Points to Accumulation
Trading volume for FIL reached 2.65 million tokens, well above its typical daily average of 1.89 million. This surge suggests that institutional investors may be accumulating positions, especially as technical indicators flash short-term strength.
- 24-hour price gain: +4%
- Trading volume: 2.65M (vs 1.89M average)
- Current price: ~$2.36
- Resistance zone: $2.38
- Support area: $2.29–$2.33
The breakout from lower levels was fueled by consistent buying throughout the session, with support consistently holding above $2.33, reinforcing bullish sentiment.
Technical Levels to Watch: $2.38 Resistance, $2.29 Support
From a technical perspective, resistance has now formed at $2.38, the day’s high. A clean breakout above this level could set the stage for a retest of higher zones near $2.42–$2.45. On the downside, support remains firm at $2.29, a key level that held during early session volatility.
The current consolidation near $2.36 suggests that profit-taking has been limited, and volume remains elevated—indicating that buyers are holding their positions rather than exiting.
Long-Term Fundamentals Remain Strong
With Filecoin’s decentralized storage infrastructure gaining renewed interest and the broader market seeing inflows, the project may continue to attract institutional and long-term investors. If market momentum continues, FIL could gain traction as a high-utility asset in the Web3 ecosystem.
As volume sustains above average levels and price holds above key support, Filecoin appears technically poised for further upside—especially if resistance at $2.38 is cleared with conviction in the coming sessions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.