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.
About The Author
More Stories
According to Galaxy Digital’s research chief, Bitcoin faces a highly unpredictable 2026.
According to Fidelity’s Jurrien Timmer, 2026 could be underwhelming while Bitcoin’s four-year cycle remains intact.
BlackRock’s Bitcoin ETF attracts $25 billion over the year, defying the recent Bitcoin downturn.