filecoin It is down 7.3% over the past 24 hours, falling from $1.48 to $1.38, as decentralized physical infrastructure tokens led a sector-wide liquidation.
The storage protocol has established a clear downtrend with successive lower highs from its December 10 peak at $1.55, according to CoinDesk Research’s technical analysis model.
The model showed that trading volume exploded to 10.6 million tokens during the crash.
The sell-off gained momentum after FIL failed to reclaim resistance at $1.52.
The model said trading volume rose 85% above average when the price broke the critical support level of $1.43.
The price settled near session lows only at $1.37, indicating temporary fatigue, according to the model.
DePIN tokens led to broader cryptocurrency weakness while Bitcoin fell below $91,000. The broader market gauge, the CoinDesk 20 Index, was down 3.4% at press time. Capital was rotated away from infrastructure as risk-off sentiment took hold in digital asset markets.
Technical analysis:
- Critical floor at session low of $1.37; Resistance is at the $1.39 rejection zone and the $1.43 support is broken
- 85% increase in volume confirmed institutional selling during support outage; 6x spike while distributing failed reversal signals
- Next resistance is at previous support at $1.43; The downside targets a range of $1.30-$1.35 in case the current lower limit is breached
Disclaimer: Portions of this article were created with the help of artificial intelligence tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
