contributor
Posted:
- 75.71% of top FIL traders on Binance held long positions, while 24.29% held short positions.
- Filecoin could soar by 40% to reach the $7 level if it holds 200 EMA on a daily time frame.
Filecoin [FIL] is one of those cryptocurrencies that has managed to avoid major price declines in the recent market dip.
On the 20th of December 2024, the overall cryptocurrency market experienced a significant price decline, leading to $1.18 billion worth of liquidation.
Whales’ rising interest in FIL
This wave of liquidations has instilled fear among investors and traders. Amidst this, whales have shown their strong interest and confidence in the FIL token, according to the on-chain analytics firm Coinglass.
Data from FIL’s Spot Inflow/Outflow reveals that exchanges across the crypto landscape have witnessed a significant outflow of $13.85 million worth of FIL.
In the cryptocurrency context, “outflow” refers to the movement of assets withdrawn from exchanges to the wallets of long-term holders. These on-chain metrics suggest a potential upside rally and an ideal buying opportunity for crypto investors.
Traders go long on FIL
In addition to the notable activity of long-term holders, traders have also shown strong interest in the token.
According to Coinglass, the Binance FILUSDT Long/Short Ratio stood at 3.12, reflecting strong bullish sentiment among traders. At the time of writing, 75.71% of top Binance traders held long positions, while 24.29% held short positions.
Filecoin’s technical analysis and key levels
The rising interest among whales and traders coincides with FIL reaching a crucial support level and the 200 Exponential Moving Average (EMA) on the daily time frame.
According to AMBCrypto’s technical analysis, FIL has successfully retested the 200 EMA support and started moving upward.
Source: TradingView
Based on recent price action and historical momentum, if FIL stays above $4.75, it could rise by 40% to $7 soon. If FIL drops below the 200 EMA and closes a daily candle below $4.70, a 30% price decline may occur in the coming days.
Read Filecoin’s [FIL] Price Prediction 2024–2025
At press time, FIL was trading near $4.71 and has experienced a price decline of over 16.5% in the past 24 hours.
During the same period, its trading volume increased by 14%, indicating heightened participation from traders and investors amid the market dip.
