Filecoin (FIL) faced strong selling pressure on Tuesday, breaking through multiple support levels during the U.S. trading session, according to CoinDesk Research’s technical analysis.
The token slipped past critical thresholds at $2.39, $2.37, and $2.36, with the most severe contraction observed in the last trading hour. Panic selling was evident as a single-minute trading volume spiked to 530,000 FIL, highlighting elevated market stress.
CoinDesk’s analysis attributes the drop to institutional liquidations amid a broader high-volume selloff. FIL was last trading around $2.31, down 4.4%, while the CoinDesk 20 index fell 3.4% in the same period.
This pullback comes despite ongoing protocol upgrades, AI initiatives, and preparations for FIL Dev Summit 7, the network shared on X.
Technical Snapshot:
- Resistance held at $2.41–$2.42 early in the session before the breakdown.
- Support levels at $2.39, $2.37, $2.36 were breached, indicating technical vulnerability.
- Total selloff volume surged to 5.67 million FIL, consistent with institutional liquidation patterns.
- Single-minute volume peak of 530,000 FIL signals panic-driven capitulation.
The decline underscores Filecoin’s short-term technical risk as institutional selling dominates and market volatility intensifies.
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