Filecoin Drops 7% as DePIN Tokens Lead Sector-Wide Selloff
Filecoin (FIL) fell 7.3% in the past 24 hours, sliding from $1.48 to $1.38 as decentralized physical infrastructure (DePIN) tokens sparked a sector-wide liquidation. The storage protocol has formed a clear downtrend, posting consecutive lower highs since its Dec. 10 peak at $1.55, according to CoinDesk Research’s technical analysis model.
Trading activity surged to 10.6 million tokens during the breakdown. FIL’s momentum picked up after failing to reclaim resistance at $1.52 and breaking the critical $1.43 support level, with volume spiking 85% above average, pointing to institutional selling. Price stabilized near session lows around $1.37, suggesting temporary exhaustion.
The decline mirrored broader crypto weakness, as Bitcoin dipped below $91,000 and the CoinDesk 20 index fell 3.4%. Risk-off sentiment drove capital away from infrastructure-focused tokens.
Technical Highlights:
- Support: $1.37 session low; $1.43 former support now resistance
- Resistance: $1.39 rejection zone
- Volume: 85% spike confirms institutional selling; 6x surge during failed reversal indicates distribution
- Downside Targets: $1.30–$1.35 if $1.37 floor fails
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