Filecoin (FIL) is showing strong upside potential amid rising market optimism. If it breaks the $4.80 resistance level, the price is expected to rally to $7.20.
Recent market action suggests that FIL is well-positioned to gain some upside momentum, with investors showing increasing interest as the price approaches a critical breakout level. According to Coinglass data, overleveraged positions at $4.43 and $4.75 suggest a trading concentration that could have a significant impact on the market.
With positive indicators, Filecoin (FIL) has entered a tight trading range, with the $4.80 level standing out as a critical support point. Having gained momentum in recent trading days, FIL is creating a strong foundation for potential price increases in the volatile crypto market. This is setting FIL up for a significant breakout.
The latest technical data from COINOTAG supports this optimistic picture, indicating that FIL could see a significant price increase with a target of $7.20 if it closes above $4.80. This would indicate a 47% rally from current prices. The upward pressure on Filecoin is supported not only by technical analysis but also by on-chain metrics. According to the latest data from Coinglass, FIL’s open interest has increased by a significant 7.9% in the last 24 hours, indicating traders’ increased interest in market changes.
The intensity around the reset points of open interest is increasing tension in the market as traders compete for optimal positions. Current data shows a reset volume of approximately $1.5 million related to short positions at $4.75 and $6.21 million related to long positions at $4.43. These metrics suggest that FIL’s value could further increase its volatility as it approaches critical resistance levels.
Currently trading at $4.62, FIL has gained 3.5% in the last 24 hours. The volatile volume at this level suggests a small pullback in trading activity. The market is currently being watched closely; FIL breaking above $4.80 could determine its price action in the near term.