Heavy Selling Pushes Filecoin Down 6%, Breaching Key $2.52 Technical Level

Filecoin Faces Sharp Decline, Stabilizes Near $2.41 Support as Volatility Spikes

Filecoin (FIL) experienced a steep intraday drop, losing 5.8% over the past 24 hours as it slipped from a high of $2.569 to a session low of $2.406, before bouncing slightly to $2.425 at press time. The move came amid intensified selling pressure that broke through a key technical support at $2.52, triggering concern of a broader downside extension.

The CoinDesk 20 Index, a benchmark for large-cap crypto assets, also declined 2%, reflecting a cautious risk environment across the digital asset space.

Heavy trading activity between 22:00–00:00 UTC drove volume above 7 million FIL, catalyzing the break below support. Multiple rejections around $2.56 earlier in the day confirmed a newly formed resistance zone, with sellers in control for most of the session.

Despite the sharp drop, a temporary base seems to have formed between $2.41–$2.42, as buyers stepped in during the late session. A V-shaped recovery from $2.411 to $2.427 emerged, supported by a volume spike exceeding 55,000 units, hinting at early accumulation near local lows.

Technical Highlights

Price fell 5.8% from $2.569 to $2.406 during the session.
Breakdown below $2.52 support marked a critical shift in structure.
Volume surged over 7M units during the steepest phase of the decline.
Resistance confirmed at $2.56, following repeated upper wick rejections.
A brief rally saw price rebound from $2.411 to $2.427, forming a V-bottom pattern.
Strong buying activity at the lows was evident, with over 55,000 FIL traded during recovery.
Current price action is consolidating between $2.415–$2.418.
Multiple failed breaks above $2.420 indicate short-term indecision.
Momentum has slowed, with reduced volume in the closing stages suggesting caution among market participants.

While the bounce has offered a short-term reprieve, bulls will need to reclaim levels above $2.45 to shift momentum. Until then, downside risks remain, especially if support at $2.41 falters.