Filecoin rose 6% on Monday to $1.59 over a 24-hour period, outperforming the broader cryptocurrency market.
The broader market index, the CoinDesk 20 Index, was up 2.2% at press time.
The storage token rose from $1.51 to $1.59 during the session, carving out a range of $0.21 (13.9%) while volume registered around 91% of its 30-day average, suggesting controlled directional positioning rather than speculative froth, according to CoinDesk Research’s technical analysis model.
The model showed that the measured volume profile, below the 110% threshold that signals high institutional participation, indicated effective positioning by informed traders.
The outperformance against the crypto benchmark suggests rotational interest in storage infrastructure plays rather than Filecoin-specific developments, according to the model.
The rally occurred without clear fundamental catalysts, making technical factors the primary driver, according to the model, with algorithmic momentum strategies responding to breakout signals rather than fundamental repositioning.
Technical analysis:
- Immediate support at $1.58-$1.59 area; breakdown below $1.575 negates bullish structure
- Primary support base within $1.50-$1.52 consolidation range established by high volume buildup
- Resistance at $1.63 must be reclaimed with sustained volume to continue
- Session high resistance at $1.68 represents key upside target
- Session volume over 24 hours at 91% of the participation average measured over 30 days
- A recovery of $1.63 with a retest of volume targets of $1.68, a session high
- A break below $1.575 targets the $1.52-$1.54 support zone
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
