Filecoin Slides 7% Amid DePIN Token Selloff
Filecoin (FIL) fell 7.3% over the past 24 hours, dropping from $1.48 to $1.38, as decentralized physical infrastructure (DePIN) tokens drove a sector-wide selloff. FIL has been in a downtrend since its Dec. 10 peak at $1.55, recording consecutive lower highs, according to CoinDesk Research.
Trading volume surged to 10.6 million tokens during the decline. The drop accelerated after FIL failed to reclaim $1.52 resistance and broke the key $1.43 support level, with volume spiking 85% above average, indicating institutional selling. Price stabilized near $1.37, signaling short-term exhaustion.
The broader crypto market weakened alongside FIL. Bitcoin slipped below $91,000, while the CoinDesk 20 index fell 3.4% as risk-off sentiment pulled capital away from infrastructure-focused tokens.
Key Technical Levels:
- Support: $1.37 session low; $1.43 broken support now acts as resistance
- Resistance: $1.39 rejection zone
- Downside Targets: $1.30–$1.35 if $1.37 floor fails
