While the broader cryptocurrency market fell 1%, the price of Filecoin fell 
Philocdt She made one of her biggest comebacks this year. The decentralized storage token rose nearly 60% in just 24 hours, jumping from $1.38 to $2.18, its biggest rebound since early 2024.
This sharp rise has surprised everyone, and they are wondering what are the main reasons behind the rise of Filecoin token today?
DePIN and AI Storage stir up the crowd
One of the main reasons behind Filecoin’s sharp rise is the upcoming DePIN Day on November 18, a major event for the decentralized infrastructure sector. Meanwhile, experts expect that Filecoin may announce major updates or partnerships.
Meanwhile, FIL’s growing role in AI projects such as SingularityNET, which uses Filecoin’s decentralized storage for training data, has boosted investor confidence and strengthened its position in the AI-powered DePIN ecosystem.
A short squeeze leads to a rapid jump in prices
The assembly was not purely organic. Futures data shows that a massive short squeeze played a major role. Open interest more than doubled to $110 million, while trading volumes rose 300% to $237 million in one day.
As bearish traders scrambled to cover their positions, buying pressure pushed prices higher, a classic chain reaction in cryptocurrency markets.
Technical breakout confirms bullish shift
Technically, FIL recently formed a bullish engulfing pattern on the weekly chart, indicating a strong shift in momentum in favor of buyers. After breaking key resistance at $1.40, the symbol sparked more buying and short-covering activity, extending the rally further.
What’s next for FIL?
With growing interest from AI developers and DePIN investors, Filecoin’s current momentum could continue in the short term. Analysts suggest that if adoption and trading activity remain strong, FIL could target $2.5-$3 in the coming weeks.
However, with the RSI at 86, FIL is currently in overbought territory, indicating a potential pullback in the short term. If selling pressure emerges, $2.00 and $1.27 could serve as key support areas before the next potential rally.
As of now, Filecoin is trading near $2.15, up 59% in 24 hours, with the market cap reaching $1.52 billion.
Frequently asked questions
Why Filecoin 
Philocdt Price up today?
Filecoin is rising on DePIN Day hype, rising demand for AI storage, and a large short squeeze that has fueled buying momentum.
What led to Filecoin’s sudden 60% surge?
A surge in short liquidations, rising trading volume, and renewed interest from AI projects and DePIN have fueled the rapid jump in prices.
Is Filecoin part of the AI and DePIN ecosystem?
Yes. Filecoin provides decentralized storage used to train AI and DePIN networks, increasing developer demand and investor confidence.
Will Filecoin price continue to rise?
FIL could extend its gains if demand and volume remain strong, although overbought signals suggest the price may calm down before another move.
What is the Filecoin price forecast for 2025?
Analysts expect FIL to trend higher by 2025 if AI and DePIN adoption increases, with long-term estimates ranging from moderate gains to new highs.
