Author：Encryption Jianghu

Key Takeaways

Why did Filecoin lose momentum?

TVL fell and $5.5 million in FIL was sold, showing investors rotated into stablecoins to avoid volatility.

What could shape FIL’s next move?

Watch $2.4 as near-term support and $3.6 as resistance—Open Interest still hints at bullish leverage.

Filecoin [FIL] recently witnessed a steep correction following a week-long rally that delivered a 56% gain for investors.

However, with on-chain investors turning bearish, the altcoin dropped 14% in a single day, reflecting mixed market sentiment.

Investors sell, others stay on the sidelines

On-chain investors have continued to offload their holdings.

In the past 24 hours, the storage protocol recorded a sharp decline in its total value locked (TVL) per DeFiLlama.

This drop, which coincided with the sale of roughly $5.5 million worth of FIL, indicates a shift in confidence—from a long-term bullish outlook to a bearish phase—with no clear rebound in sight.

Meanwhile, the Stablecoin Market Cap on Filecoin grew 53.16% in a week to about $408,000. This rise during a TVL decline suggested investors parked funds in stable assets, waiting for lower volatility.

Binance, OKX place bullish bets

Despite the spot pullback, Binance and OKX traders held a bullish bias.

The Long/Short Ratio stayed above 1.0—1.29 on Binance and 1.8 on OKX—showing more active long positions. Together, the two exchanges controlled nearly 45% of FIL’s Derivatives liquidity, highlighting their influence on market tone.

Furthermore, the Open Interest Weighted Funding Rate, which signals whether the Derivatives market is bullish or bearish, favoured the bulls at press time. The metric turned positive at 0.0064%, suggesting that most active contracts lean toward bullish positions.

What move is FIL taking next?

The Liquidation Heatmap indicated dense clusters below $2.4, suggesting FIL could sweep that zone before stabilizing.

If bullish momentum builds from that level, the altcoin could rebound and rally toward $3.6, the upper range of the current chart.

FIL’s next move depends on which camp—bulls or bears—retains control. If the bulls absorb sell pressure near $2.4, a short-term rebound remains possible.