Filecoin Surges 70% Past $2 as DePIN Sector Leads Rally
Filecoin jumped 70% in 24 hours. The token climbed from $1.33 to $2.27.
The surge began on Nov. 7 at 00:00 UTC. Exceptional volume of 72.8 million FIL—247% above average—drove prices past the $1.93 resistance.
Filecoin staged a three-phase rally: accumulation around $1.34–$1.38, a breakout to $1.95, and consolidation above $2.00. Prices settled above $2.15 with firm support.
The DePIN sector outperformed major markets with an 11% jump. The broader crypto gauge, the CoinDesk 20, fell 1.8%. Technical indicators remain bullish, suggesting strong momentum.
Bullish
Filecoin’s 70% surge on heavy volume and successful breach of a key resistance level indicates strong buying pressure. Similar breakouts in the past, notably Ethereum’s ascent after multi-phase rallies, have led to extended bullish trends. The three-phase accumulation-breakout-consolidation pattern aligns with classic bullish technical signals. The rally’s outperformance amid a mixed market underlines robust sector demand, driven by growth in decentralized storage and infrastructure tokens. This event is likely to attract momentum traders seeking quick gains, supporting further upside in the short term. Longer-term, sustained interest in the DePIN sector and institutional adoption will be critical. However, traders should watch for potential profit-taking near psychological barriers and mixed crypto sentiment. Overall, the news points to a bullish outlook for Filecoin and related DePIN assets, although traders must manage risk around retracement levels.