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Market

Filecoin Drops Over 6%, Breaks Key Support at the $2.38 Level

Roman Hasley
Last updated: 02.08.2025 1:29 AM
Roman Hasley
Published: 02.08.2025
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Filecoin Drops Over 6%, Breaks Key Support at the $2.38 Level

Filecoin

displayed sharp volatility with a trading range of over 6% during the last 24-hours, according to CoinDesk Research’s technical analysis model.

The token broke key support at the $2.38 level on high volume, the model showed.

AI platform SingularityNET has chosen Filecoin for metadata storage through Lighthouse, according to a post on X.

In recent trading, FIL was 4.6% lower over 24 hours, trading around $2.36.

The decline in Filecoin came as the wider crypto market also fell, with the broader market gauge, the Coindesk 20, recently 3.6% lower.

Technical Analysis:

  • Filecoin encountered significant bearish momentum during the 24-hour period.
  • The cryptocurrency breached essential support at $2.38 during overnight trading periods, with volume surges reaching 7.54 million indicating potential institutional distribution activity
  • Descending channel pattern formed during final 60 minutes of trading period.
  • Failed reclaim of key technical levels suggesting continued downside momentum.
  • FIL demonstrated recovery signals in the final hour, advancing to $2.35 with strong purchasing interest and volume peaks of 91,211 shares.

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