Filecoin Jumps 2% After Defending Support at $2.38 Level

Filecoin (FIL) rose as much as 2% in the last 24-hours after defending key support at the $2.38 level, according to CoinDesk Research's technical analysis model.

The model showed that the token traded in a $0.16 range between $2.38-$2.55, marking 6.7% intraday volatility.

Volume exploded to 13.11 million tokens at July 30 19:00, quadruple the 2.29 million daily average, as price hit the $2.38 low. Bulls immediately defended this level, triggering a sharp reversal, according to the model.

The next Filecoin Orbit all hands, a community program run by the Foundation, is taking place today, according to a post on X. Attendees will be able to hear about new updates, including new roles within the Orbit program.

The bounce in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 1.7%

In recent trading, FIL was 1.2% higher over 24 hours, trading around $2.505.

Technical Analysis:

• $0.16 trading range equals 6.7% spread between $2.55 peak and $2.38 trough during session.
• 13.1 million token surge at July 30 19:00 represents 4x normal volume of 2.29 million daily average.
• High-volume support at $2.38 triggers immediate bounce, establishing key technical floor.
• Sustained rally from $2.47 base to $2.55 ceiling follows volatility washout.
• Late-session selling pressure peaks at 11:18-11:20 with 75,000+ token blocks signaling institutional flows.
• Price stabilizes near $2.53 support zone into session close.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

View Comments