Filecoin FIL$2.6491 faced technical deterioration even as the token climbed 2.4% to $2.62, according to CoinDesk Research's technical analysis model.

FIL traded within a volatile $0.33 range, representing 12.5% intraday movement as institutional flows tested established technical boundaries, the model showed.

The model noted that volume activity spiked dramatically at 03:00 when 21.5 million tokens changed hands, marking a 78% surge above baseline levels.

The buying pressure drove FIL from $2.71 to an intraday peak of $2.93 before profit-taking emerged, the model showed.

Strong resistance at $2.93 capped further advances and established a key technical ceiling for near-term trading, according to the model.

Wider crypto markets also rose, with the CoinDesk 20 index up 5.7%.

Technical Analysis:

• Primary support at $2.60 with secondary backstop at $2.55-2.58, while $2.93 resistance proved formidable with intermediate ceiling at $2.81
• Peak 21.52M share volume accompanied the $2.93 test, followed by below-average activity during session close suggesting waning conviction
• Range consolidation between $2.63-$2.93 failed bearishly as price tested lower boundary of established trading corridor
• Downside exposure toward $2.55-2.58 support cluster increases, while recovery requires reclaiming $2.63 to restore range dynamics