Filecoin (FIL) Surges 6% Before Facing Resistance at $2.41

Filecoin (FIL) recorded a sharp 6.1% rally on June 29, briefly jumping from $2.31 to $2.41 before pulling back, according to CoinDesk Research. The surge was backed by unusually high trading volume, peaking at 7.6 million during the 22:00 hour. However, the momentum stalled at $2.41, where strong resistance formed, triggering a subsequent price decline.

Technical indicators reveal a horizontal support zone between $2.27 and $2.28, an area where buyers consistently re-entered the market during previous consolidations. Following its resistance test, FIL formed a descending channel, dipping to $2.29 by 18:33 before recovering to close at $2.30. Volume spikes were notable during key reversal points, especially at 18:32 (72.7K) and 18:46 (70.3K), suggesting possible institutional buying at the $2.295 level.

As of the latest data, Filecoin is trading around $2.325, marking a 1.8% gain over the past 24 hours. This mirrors the broader crypto market trend, with the CoinDesk 20 index also up 1.9% at press time.

The 24-hour trading range for FIL was $0.14, or roughly 5.97%, highlighting short-term volatility driven by speculative momentum. While the immediate resistance at $2.41 remains a key barrier, continued accumulation near the $2.27 support zone may set the stage for another breakout if bullish sentiment holds.

Investors should monitor trading volumes and support levels closely, as further confirmation of institutional interest around $2.295 could influence FIL’s next directional move. The token’s recent activity underscores the importance of technical zones in shaping short-term market behavior.