Filecoin Drops 10% After Breaking Key Support Levels Amid Surge in Selling
11/11/2025 — Filecoin (FIL) fell sharply, losing 10% to $2.34 within 24 hours as the token broke multiple key support levels, according to CoinDesk Research’s technical analysis.
Heavy selling pressure dominated the session, overwhelming buy orders and reinforcing a bearish structure characterized by consecutive lower highs. Trading volume spiked to 21 million FIL, a 137% increase over the 24-hour average of 8.9 million, signaling strong institutional activity behind the move.
FIL pierced critical support at $2.50 and $2.40, triggering cascading stop-loss orders that intensified the decline.
Technical Overview:
- Support/Resistance: Immediate support now rests at $2.35, with $2.40 and $2.50 turning into resistance.
- Volume: Exceptional 21 million tokens traded confirms the strength of the breakdown, reflecting institutional participation.
- Trend Structure: Lower highs from $2.67 resistance point to sustained bearish momentum.
- Near-Term Targets: The psychological $2.30 level is the next downside target, while reclaiming $2.40 is required to stabilize the market.
The technical indicators suggest that FIL remains under pressure, with recovery dependent on reclaiming previous support levels.
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