Share this article
Filecoin Rises 4%, Heavy Volume Suggests Institutional Investors Buying
Resistance has now formed at $2.38, with strong support at the $2.29 level.
Jul 9, 2025, 4:49 p.m.
What to know:
- Filecoin gained as much as 4% as crypto markets rallied.
- The move came alongside high volume, suggesting institutional buying.
- Resistance has now formed at the recent high of $2.38.
Filecoin posted solid gains during the last 24 hours, rising as much as 4%, a move that reflects heightened institutional interest, according to CoinDesk Research's technical analysis model.
FIL showed heavy trading volume during the period, with transactions reaching 2.65 million tokens, significantly exceeding the usual 24-hour average of 1.89 million, the model showed.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Market data indicates a sustained upward trajectory from overnight lows, with resistance establishing near the $2.38 level, while maintaining support above $2.33 throughout the session.
The rally in Filecoin came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 2.7%.
In recent trading, FIL was 3.5% higher over 24 hours, trading around $2.36.
Technical Analysis:
- 24-hour price range of 5% between $2.26 low and $2.38 peak, contrasting with final hour's compressed 0.47% range
- Trading activity exceeded 2.65 million units during key support tests, representing 40% above the 24-hour average of 1.89 million units
- Strong support established at $2.29 with resistance forming around $2.38, while the critical $2.35 psychological level remains under pressure.
- Clear upward trend pattern from overnight lows with higher lows formation, though bearish divergence emerged in final trading minutes with volume decline.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin dips, but quickly recovers as U.S. captures Venezuela's Maduro
The U.S. overnight launched a military strike against Venezuela, capturing President Nicolas Maduro and his wife and extracting them from the country.
What to know:
- The U.S. captured Venezuelan President Nicolas Maduro and his wife after a brief military operation Saturday morning, according to President Trump.
- Crypto prices suffered a brief, modest drop on the first reports of the military action, but have since recovered.
Top Stories
