Filecoin (FIL) Soars 70% After Breaking Through $2 as DePIN Sector Rallies

Filecoin FIL$2.2712 delivered one of cryptocurrency’s most explosive moves over the 24-hour period, soaring from $1.33 to $2.27 in a rally that established the token as a clear sector leader, according to CoinDesk Research’s technical analysis model.

The 70% advance occurred across a total range of $0.95, with FIL demonstrating sustained momentum through three distinct phases of accumulation, breakout, and consolidation above psychological levels, according to the model.

The model showed that the most dramatic movement materialized at Nov. 7 00:00 UTC when exceptional volume of 72.8 million tokens, 247% above the 24-hour simple moving average, drove prices through critical resistance at $1.93.

The surge peaked at $2.25 before settling into consolidation above $2.00, validating the broader uptrend’s resilience despite minor retracement pressures toward session close, the model revealed.

FIL’s performance coincided with broader strength across the decentralized physical infrastructure (DePIN) sector, which jumped 11% while major cryptocurrencies traded mixed.

The outsized rally in FIL came as other cryptocurrencies fell. The broader market gauge, the CoinDesk 20 index, was 1.8% lower at publication time.

Technical Analysis:

• Primary support established above $2.15 psychological level, with initial resistance at previous high of $2.25.
• Progressive volume spikes exceeding 1 million tokens during breakout phases confirmed institutional participation throughout the advance.
• Three-phase uptrend completed with accumulation around $1.34-1.38, breakout rally to $1.95, and final surge establishing new range.
• Hourly momentum remained bullish despite volatility above 15%, with firm support above $2.00 validating uptrend resilience.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.