In the past 24 hours, Filecoin (FIL) displayed significant volatility, breaching a crucial support level, attracting traders' attention.
Technical Analysis and Market Movements
Filecoin broke below the crucial support level of $2.38 with substantial trading volume. According to CoinDesk Research’s analysis model, the volume increase at this level reached 7.54 million, indicating involvement from institutional players in the market. The CoinDesk 20 index also witnessed a 3.6% decline as part of the broader market downturn. Over the past 24 hours, the FIL price fell by 4.6%, dropping to $2.36.
Filecoin and SingularityNET Collaboration
It was announced that the artificial intelligence platform SingularityNET chose Filecoin technology for data storage purposes. Filecoin uses the Lighthouse solution for metadata storage. Details of this collaboration were shared on SingularityNET’s X social media platform.
CITE_W_A: "We chose Filecoin and the Lighthouse solution for the secure and sustainable storage of our data." - SingularityNET management.
Market Orientation and Expectations
The inability of FIL to reclaim existing technical levels suggested that the downward trend might continue for a while. However, the buying volume and price movements observed later in the day hinted at a potential short-term recovery. Experts recommended keeping a close watch on technical indicators and observers continue to assess whether the rising trading volume and projects related to Filecoin will have a long-term impact.
Amid heightened volatility, Filecoin continues to attract attention from both traders and experts, as evidenced by the recent collaboration with SingularityNET, strengthening its position in the blockchain space.
