Key Highlights:
- Filecoin (FIL) increased by 4% with significant trading volume.
- The Coindesk 20 index also rose by 3.2%, indicating a broader market rebound.
Analysis:
Filecoin’s value surged from $2.61 to $2.71 within a single trading day, reflecting signs of institutional accumulation according to CoinDesk Research’s technical analysis. Trading volume notably exceeded 7 million, significantly outpacing the daily average of 3.47 million, as market participants supported the $2.60 support level.
The surge in FIL can be linked to increasing institutional interest in decentralized storage solutions amid rising scrutiny faced by conventional cloud service providers about issues related to data sovereignty.
Recent data shows thatFilecoin was up 3.5% over the last 24 hours, maintaining a price close to $2.71.
Technical Perspective:
- Strong support observed at $2.60 with notable volume-backed buying interest during the trading period.
- Volume surged above 7 million during peak hours, far surpassing the daily trading average.
- Trading variable fluctuated by $0.13 (or 5%) between the low of $2.60 and the high of $2.73.
- The closing hour showed a volume spike of 369,770 units, indicating the highest activity in this session.
Parts of this article were generated with assistance from AI tools, ensuring accuracy through editorial review.
