Filecoin surges past $1.29 as institutional flows drive breakout
Filecoin (FIL) climbed 4.3% over 24 hours to trade around $1.32, powered by what CoinDesk Research’s technical model characterizes as institutional buying that pushed the token through a key resistance zone. The move unfolded within a tight $0.06 range and created upward momentum that traders are positioning to extend.
Volume-backed breakout
The model flagged a volume confirmation at midnight UTC, when roughly 2.9 million FIL changed hands — about 87% above the session’s 1.55 million average. That spike in activity validated FIL’s break above the $1.29 resistance level and effectively converted it into short-term support.
Signs of institutional accumulation
A sequence of higher intraday lows at $1.260, $1.277 and $1.291 suggests accumulation by larger players, replacing earlier retail-driven volatility, the analysis found. The final push above $1.32 on elevated volume now points to the next supply zone in the $1.33–$1.335 cluster as the immediate upside target.
Broader market context
FIL’s rally came alongside gains across the market: the CoinDesk 20 index was about 2.5% higher at the time of publication, indicating a generally bullish tone for major crypto assets.
Disclaimer: Portions of this article were generated with AI assistance and reviewed by our editorial team for accuracy and adherence to our standards. For details, see CoinDesk’s AI policy.
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