Filecoin (FIL) Surges Past $1.29 Resistance on Wave of Institutional Buying

Filecoin (FIL) advanced 4.3% to $1.32 over the past 24 hours, decisively breaking through a critical resistance level as institutional capital appeared to flow into the token. The move establishes new upward momentum that traders are watching closely, according to CoinDesk Research's technical analysis model.

The breakout's validity was confirmed by a significant volume surge. At midnight UTC, 2.9 million FIL tokens were traded, an 87% spike above the session's average of 1.55 million. According to the model, this surge validated the breach of the $1.29 resistance, effectively flipping that price ceiling into a new support floor.

• **Price**: $1.32 (+4.3%) • **New Support**: $1.29 (formerly resistance) • **Peak Volume**: 2.9M tokens (87% above 24hr average)

Further analysis suggests a shift from retail-driven volatility to more structured institutional accumulation. The model pointed to a pattern of progressively higher lows—at $1.260, $1.277, and $1.291—as evidence of this trend. This structure often indicates that larger players are building positions in a controlled manner.

FIL’s rally is occurring within a broader positive market context. The CoinDesk 20 index, a measure of the wider crypto market, was up 2.5% at the time of publication. With the $1.32 level secured, analysts are now targeting the $1.330-$1.335 resistance cluster as the next potential hurdle for Filecoin.