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By CD Analytics, Will Canny|Edited by Stephen Alpher
Jun 24, 2025, 5:04 p.m.
- Filecoin gained 14% amidst a wider crypto market rally.
- Strong support has now formed around the $2.24-$2.25 zone.
Filecoin (FIL) demonstrated relative strength over the last 24-hour period, surging from $2.051 to a peak of $2.3478, according to CoinDesk Research’s technical analysis model.
The model showed that strong support has been established around the $2.24-$2.25 zone, confirmed by multiple tests with price bouncing higher each time.
STORY CONTINUES BELOW
In recent trading, FIL was 13.6% higher over 24 hours at around $2.35. The broader market gauge, the CoinDesk 20, was up 8.7% at publication time.
Technical Analysis:
- Price action formed a clear uptrend with higher lows and higher highs, particularly notable during the 22:00 hour on June 23rd when price broke above $2.27 on significantly above-average volume (7.58M)
- Strong support has established around $2.24-$2.25, confirmed by multiple tests with price bouncing higher each time.
- The 4-hour consolidation between $2.27-$2.30 suggests accumulation before the next potential move higher, with the $2.31 level now serving as immediate resistance.
- In the last 60 minutes, FIL-USD exhibited notable volatility with a clear pattern of consolidation followed by a significant price movement.
- The token traded within a tight range between $2.29-$2.30 for most of the period before experiencing a sharp decline to $2.28 around 15:41, establishing a new support level at $2.285.
- Volume spiked considerably during this correction, particularly at 15:42 with over 112,000 units traded, indicating strong market participation.
- The final minutes showed an impressive recovery with price surging back above $2.29, culminating in a high of $2.301 at 15:52 on substantial volume (124,097), suggesting renewed bullish momentum despite the earlier pullback.
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.
