Key Takeaways
Why did Filecoin lose momentum?
TVL fell and $5.5 million in FIL was sold, showing investors rotated into stablecoins to avoid volatility.
What could shape FIL’s next move?
Watch $2.4 as near-term support and $3.6 as resistance—Open Interest still hints at bullish leverage.
Filecoin [FIL] recently witnessed a steep correction following a week-long rally that delivered a 56% gain for investors.
However, with on-chain investors turning bearish, the altcoin dropped 14% in a single day, reflecting mixed market sentiment.
Investors sell, others stay on the sidelines
On-chain investors have continued to offload their holdings.
In the past 24 hours, the storage protocol recorded a sharp decline in its total value locked (TVL) per DeFiLlama.
This drop, which coincided with the sale of roughly $5.5 million worth of FIL, indicates a shift in confidence—from a long-term bullish outlook to a bearish phase—with no clear rebound in sight.
Source: DeFiLlama
Meanwhile, the Stablecoin Market Cap on Filecoin grew 53.16% in a week to about $408,000. This rise during a TVL decline suggested investors parked funds in stable assets, waiting for lower volatility.
Binance, OKX place bullish bets
Despite the spot pullback, Binance and OKX traders held a bullish bias.
The Long/Short Ratio stayed above 1.0—1.29 on Binance and 1.8 on OKX—showing more active long positions. Together, the two exchanges controlled nearly 45% of FIL’s Derivatives liquidity, highlighting their influence on market tone.
Source: CoinGlass
Furthermore, the Open Interest Weighted Funding Rate, which signals whether the Derivatives market is bullish or bearish, favoured the bulls at press time. The metric turned positive at 0.0064%, suggesting that most active contracts lean toward bullish positions.
What move is FIL taking next?
The Liquidation Heatmap indicated dense clusters below $2.4, suggesting FIL could sweep that zone before stabilizing.
Source: CoinGlass
If bullish momentum builds from that level, the altcoin could rebound and rally toward $3.6, the upper range of the current chart.
FIL’s next move depends on which camp—bulls or bears—retains control. If the bulls absorb sell pressure near $2.4, a short-term rebound remains possible.
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