Filecoin has dropped 7.3% over the past 24 hours, falling from $1.48 to $1.38 as decentralized physical infrastructure tokens initiated a sector-wide sell-off.
The storage protocol has shown a distinct downtrend with consecutive lower highs since reaching a peak of $1.55 on December 10, based on CoinDesk Research’s technical analysis model.
The model indicated that trading volume surged to 10.6 million tokens during this downturn.
The selloff intensified after FIL was unable to regain resistance at $1.52.
Volume increased by 85% above the average when the price broke through the critical support level of $1.43, according to the model.
The price stabilized only around session lows near $1.37, indicating a possible temporary exhaustion, according to the model.
DePIN tokens led the overall crypto market’s downturn while Bitcoin dipped below $91,000. The broader market index, the CoinDesk 20 index, was reported to be 3.4% lower at the time of publication. Capital shifted away from infrastructure assets as a risk-off sentiment took hold in digital asset markets.
Technical Analysis:
- Critical support at the $1.37 session low; resistance found at the $1.39 rejection zone and previously broken $1.43 support
- An 85% volume increase confirmed institutional selling during the support breach; a 6x spike occurred during failed reversal attempts, indicating distribution
- The next resistance level stands at the former support of $1.43; downside targets range from $1.30 to $1.35 if the current floor breaks
Disclaimer: Portions of this article were composed with the aid of AI tools and reviewed by our editorial team to ensure accuracy and alignment with our standards. For further details, refer to CoinDesk’s complete AI Policy.
