Filecoin Slides 7% as Sector-Wide DePIN Selloff Hits Support

Filecoin (FIL) fell 7.3% over the past 24 hours, dropping from $1.48 to $1.38, as decentralized physical infrastructure (DePIN) tokens led a sector-wide liquidation. The storage protocol has established a clear downtrend, recording consecutive lower highs since its Dec. 10 peak at $1.55, according to CoinDesk Research’s technical analysis model.

Trading volume surged to 10.6 million tokens during the breakdown, with price failing to reclaim resistance at $1.52. Momentum accelerated when FIL broke the critical $1.43 support level, with volume spiking 85% above average, signaling institutional selling. Price stabilized temporarily near session lows around $1.37, indicating short-term exhaustion.

The selloff in FIL coincided with broader crypto weakness. Bitcoin slipped below $91,000, while the CoinDesk 20 index dropped 3.4%, as capital rotated away from infrastructure plays amid risk-off sentiment in digital asset markets.

Technical Snapshot:

• Support: $1.37 session low; broken $1.43 level now acts as resistance
• Resistance: $1.39 rejection zone; $1.43 former support
• Volume: 85% surge confirms institutional selling; 6x spike during failed reversal indicates distribution
• Downside Targets: $1.30–$1.35 range if $1.37 floor fails