Filecoin FIL$1.4499 dropped more than 10% to $1.46 during in the past 24 hours, underperforming the broader cryptocurrency market, which was itself heading south.

The token slid to $1.46 from $1.62, establishing a $0.16 range with 11% intraday volatility, according to CoinDesk Research's technical analysis model.

The model showed that volume surged 32.7% above the seven-day moving average, signaling concentrated selling pressure.

Peak liquidation hit at midnight UTC, with 20 million volume, more than four times the 24-hour simple moving average, according to the model. A technical breakdown accelerated through $1.58 support as resistance formed near $1.47.

The selling established strong momentum through consecutive lower highs from the $1.6385 peak. Capitulation occurred around $1.46 following the high-volume breakdown event. Current price action suggests potential stabilization after exhausted selling pressure, the model said.

The broader market gauge, the CoinDesk 20 index, fell 7%.

Technical Analysis:

• Strong resistance formed near $1.47 after breakdown from $1.58 support
• Key resistance at prior support level of $1.58 now critical for recovery
• 24-hour volume surged 32.7% above 7-day moving average
• Peak selling volume of 19.97M at breakdown point (318% above SMA)
• Final hour showed exhaustion with zero-volume consolidation
• Potential stabilization forming around $1.46 support zone
• Immediate resistance at $1.47 must hold for further downside
• Recovery requires reclaim of $1.58 broken support level
• Downside risk toward $1.40 if current support fails