The post Filecoin (FIL) Price Soars Over 50% in 24 Hours — What’s Driving This Massive Rally? appeared first on Coinpedia Fintech News
The crypto markets are trying to recover from the recent market crash as Bitcoin price reclaims $102,000. In times when Bitcoin’s dominance is rising, Filecoin (FIL) is emerging as one of the top-performing altcoins in the last 24 hours. The FIL price has surged by over 50% in the past 24 hours, reaching an intraday high of more than $2, accompanied by a significant increase in volume.
The sudden price surge occurs amid rising trading volumes and a decisive breakout from a key resistance level, indicating renewed bullish momentum for the decentralized storage token.
After weeks of muted price action near the $1.30–$1.50 range, FIL finally broke through its major resistance at $1.50, triggering a wave of accumulation. A surge in both spot and derivatives volume was seen, signalling increased trader confidence. This breakout also attracted short-term traders, propelling FIL’s intraday high to $2.22 before mild profit-taking set in. Now the question arises whether the bulls can hold the upswing.
The FIL price has been following a steep descending trend for the past few months, which was amplified in the past month. However, the token appears to have recovered the losses incurred since the crash, but it has yet to rise and secure above the crucial resistance. The zone between $2.044 and $2.108 has been acting as a strong support since April, and hence, securing above the range is believed to begin a fresh upswing. The RSI is incremental, and the Supertrend has just turned bullish, hinting towards a continued ascending trend.
However, a daily close above $2.1 could clear the path towards higher targets beyond $3 or $3.5.
Outlook: Breakout or Bull Trap?
While the momentum behind Filecoin’s rally is strong, the sustainability of this move depends largely on broader market sentiment and Bitcoin’s next leg. If Bitcoin remains stable, FIL could extend gains toward the $2.50 zone in the short term. However, a sharp pullback in the overall market could quickly unwind these gains.
For now, Filecoin stands out as one of the strongest-performing altcoins, regaining attention as traders hunt for early signs of the next Web3-driven market rotation.