Filecoin (FIL) gained 2% in price after strongly defending the $2.38 support level, as bullish momentum returned to the decentralized storage token. This rebound came amid a massive spike in trading volume, highlighting renewed trader interest and potential upside.
Support is now confirmed at $2.38, while the next resistance level stands at $2.55.
According to data models, volume exploded to 13.11 million FIL tokens at 19:00 UTC on July 30, sharply above the 2.29 million daily average. This volume surge coincided with a price dip to $2.38, where buyers immediately stepped in to defend the level, triggering a sharp reversal.
Bulls Defend, Volume Surges
The sudden increase in demand suggests strong confidence among bullish traders and investors viewing the $2.38 zone as a key accumulation point. Market analysts note that if volume sustains above average and breaks past the $2.55 resistance, a trend reversal could be in play.
“This type of volume-backed bounce signals real conviction at support,” one analyst noted.
Filecoin Orbit Event Today
Adding to the momentum, the Filecoin Foundation announced a new edition of its Orbit All Hands community event, set to take place today. According to a post on X (formerly Twitter), the event will include updates on new community roles and initiatives within the Orbit program, a global ambassador-style effort to support Filecoin’s growth.
Orbit events often provide updates that energize the community and offer insight into the project’s ecosystem development. As Filecoin continues to position itself as a decentralized alternative to Web2 cloud storage, community engagement remains a key part of its long-term strategy.
What’s Next for Filecoin?
Technical traders are now watching for a clean break above $2.55, which would open the door to short-term upside targets near $2.70. On the downside, losing the $2.38 support could signal weakness, although recent volume data suggests strong buying interest at that level.
TL;DR: Filecoin is showing signs of resilience with solid technical defense at support and upcoming community-driven catalysts. With high trading volume and a key event unfolding, short-term momentum may favor the bulls.
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.