Filecoin Recovers Steadily After Afternoon Drop Amid Broad Crypto Market Gains
Filecoin (FIL) showed a strong recovery following a midday decline, benefiting from a wider uptick in the cryptocurrency market, where the CoinDesk 20 Index rose by 3.1%.
Over the past 24 hours, FIL traded within a 5.4% range, dipping to a low of $2.39 at 4 PM before rebounding 5% to about $2.50. This moderate volatility highlights steady market activity amid a shifting landscape.
Trading volumes surged above 2.8 million tokens during the dip, indicating significant institutional involvement. Volume remained robust through the rebound, signaling ongoing interest from strategic buyers, according to CoinDesk Research’s analysis.
The upward momentum began to accelerate around 7 PM and continued overnight, with a notable spike of over 50,000 tokens traded in just one minute—a sign of active market participation.
Boosting optimism, the Filecoin Foundation and Ava Labs announced the launch of a cross-chain data bridge linking Avalanche’s C-Chain to Filecoin. This connection integrates fast smart contract functionality with Filecoin’s secure data infrastructure through the Filecoin Virtual Machine.
By the end of the session, FIL closed roughly 2% higher near $2.50, supported by both overall market strength and key technological advancements.
