Filecoin’s 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 model. The token experienced elevated volatility, with a $0.19 intraday range representing roughly 7.9% swings.
Selling intensified at the $2.41 resistance level, pushing volume to 5.92 million FIL — significantly above the 3.42 million daily average. Buyers defended the $2.23 support floor, with volume spiking above 4.8 million, signaling potential seller exhaustion and the formation of a short-term base.
CoinDesk’s model highlighted classic capitulation patterns, where heavy sell-offs are followed by relief bounces, suggesting FIL may be stabilizing above its key $2.23 level.
FIL was last down about 5.1%, trading near $2.26. The broader crypto market also retreated, with the CoinDesk 20 Index falling 3.6%.
Technical Overview
- Resistance at $2.41 triggered heavy selling and high-volume rejection.
- $2.23 support held during multiple intraday tests, showing strong buyer defense.
- Trading peaked at 5.92 million FIL, well above the daily average.
- Relief bounces following capitulation suggest sellers may be exhausted.
- A new consolidation zone has formed around $2.25 after the intraday rebound.
