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By CD Analytics, Will Canny|Edited by Stephen Alpher
Jul 9, 2025, 4:49 p.m.
- Filecoin gained as much as 4% as crypto markets rallied.
- The move came alongside high volume, suggesting institutional buying.
- Resistance has now formed at the recent high of $2.38.
Filecoin (FIL) posted solid gains during the last 24 hours, rising as much as 4%, a move that reflects heightened institutional interest, according to CoinDesk Research’s technical analysis model.
FIL showed heavy trading volume during the period, with transactions reaching 2.65 million tokens, significantly exceeding the usual 24-hour average of 1.89 million, the model showed.
STORY CONTINUES BELOW
Market data indicates a sustained upward trajectory from overnight lows, with resistance establishing near the $2.38 level, while maintaining support above $2.33 throughout the session.
The rally in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 2.7%.
In recent trading, FIL was 3.5% higher over 24 hours, trading around $2.36.
Technical Analysis:
- 24-hour price range of 5% between $2.26 low and $2.38 peak, contrasting with final hour’s compressed 0.47% range
- Trading activity exceeded 2.65 million units during key support tests, representing 40% above the 24-hour average of 1.89 million units
- Strong support established at $2.29 with resistance forming around $2.38, while the critical $2.35 psychological level remains under pressure.
- Clear upward trend pattern from overnight lows with higher lows formation, though bearish divergence emerged in final trading minutes with volume decline.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy.
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He’s now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
