Filecoin Price Drops Over 6%, Breaks Critical $2.38 Support Zone
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Filecoin (FIL) witnessed a sharp sell-off on August 1, 2025, as bearish pressure intensified across the cryptocurrency market. The token broke below a key technical support level at $2.38, triggering heightened volatility and sell-side volume spikes.
Major Breakdown in FIL Price Structure
In the past 24 hours, Filecoin fell by over 6%, extending losses that began earlier in the week. During the session, FIL touched an intraday low of $2.35, breaching its $2.38 support level on heavy volume, which surged to over 7.5 million FIL traded.
This decisive move below support indicates that institutional selling may be in play, pushing the asset into a fresh bearish phase.
A descending channel pattern also formed in the final trading hour, signaling a technical continuation of the downtrend. Buyers attempted to reclaim support levels, but the price failed to hold above $2.38, further confirming short-term weakness.
Wider Market Sentiment Adds Pressure
The broader crypto market also declined, with key altcoins facing notable corrections. Filecoin’s 4.6% 24-hour loss came alongside a 3.6% drop in the overall market index, reflecting macro-driven outflows from risk assets.
Crypto markets remain under pressure as rising U.S. dollar strength and reduced expectations for Federal Reserve rate cuts continue to weigh on investor sentiment.
Despite the negative momentum, FIL showed a recovery attempt in the final hour of trading, climbing to $2.35 with strong buy-side interest. Volume peaks of over 91,000 FIL suggest active accumulation by buyers at lower levels.
A sustained rebound above $2.38 is needed to invalidate the current downtrend and attract short-term momentum traders.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
