Filecoin made one of the cryptocurrency’s most explosive moves in a 24-hour period, rising from $1.33 to $2.27 in a rally that established the token as an undisputed industry leader, according to CoinDesk Research’s technical analysis model.
The 70% increase occurred over a total range of $0.95, with FIL demonstrating sustained momentum through three distinct phases of accumulation, breakout and consolidation above psychological levels, according to the model.
The model showed that the most dramatic move materialized on November 7 at 00:00 UTC, when a bumper volume of 72.8 million tokens, 247% above the 24-hour simple moving average, pushed it through the critical resistance at $1.93.
The rise peaked at $2.25 before consolidating above $2.00, validating the resilience of the broader uptrend despite minor retracement pressures towards the close of the session, the model revealed.
FIL’s performance coincided with broader strength in the decentralized physical infrastructure (DePIN) sector, which surged 11% while major cryptocurrencies traded mixed.
FIL’s outsized rally occurred as other cryptocurrencies fell. The broader market gauge, the CoinDesk 20 Index, was 1.8% lower at press time.
Technical analysis:
- Primary support established above the psychological level of $2.15, with initial resistance at the previous high of $2.25.
- Gradual volume spikes exceeding 1 million tokens during breakout phases confirmed institutional participation throughout the advance.
- The three-phase uptrend ended with a buildup around $1.34-1.38, a breakout to $1.95, and a final push establishing a new range.
- Hourly momentum remained bullish despite volatility above 15%, with firm support above $2.00 validating the resilience of the uptrend.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
