Filecoin Rises 4%, Heavy Volume Suggests Institutional Investors Buying

Filecoin ($FIL) posted solid gains during the last 24 hours, rising as much as 4%, a move that reflects heightened institutional interest, according to CoinDesk Research's technical analysis model.

$FIL showed heavy trading volume during the period, with transactions reaching 2.65 million tokens, significantly exceeding the usual 24-hour average of 1.89 million, the model showed.

Market data indicates a sustained upward trajectory from overnight lows, with resistance establishing near the $2.38 level, while maintaining support above $2.33 throughout the session.

The rally in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 2.7%.

In recent trading, $FIL was 3.5% higher over 24 hours, trading around $2.36.

Technical Analysis:

• 24-hour price range of 5% between $2.26 low and $2.38 peak, contrasting with final hour's compressed 0.47% range
• Trading activity exceeded 2.65 million units during key support tests, representing 40% above the 24-hour average of 1.89 million units
• Strong support established at $2.29 with resistance forming around $2.38, while the critical $2.35 psychological level remains under pressure.
• Clear upward trend pattern from overnight lows with higher lows formation, though bearish divergence emerged in final trading minutes with volume decline.