BREAKING: Filecoin Leads Big Coins With a 14% Jump to $1.24 — Volume Nearly Doubles Ahead of Big Supply Cut

Filecoin was the strongest large coin on Monday, jumping about 14% to trade near $1.24. Trading volume nearly doubled to around $260 million in 24 hours, and the market value of FIL climbed back above $1 billion, showing that many more traders joined this move than on a normal day.

The rally did not start today. FIL has closed higher for several days in a row, moving up from about $1.08 on October 9 to around $1.23 on October 11, and it is now up more than 50% in about a month from levels near $0.80. That steady climb is why traders are watching it so closely now.

The big reason behind the buying is a major supply change coming this week. Filecoin's long vesting schedule ends on October 15, which is expected to cut new token emissions sharply — by about 75% according to market reports — in what is being called its largest supply reduction. Less new supply coming to market can support the price if demand stays strong. Traders are also looking ahead to the Solstice network upgrade set for October 19.

For traders, the next test is clear: resistance near $1.30. Technical signals still look bullish, with FIL trading above its main moving averages, but the daily RSI is already near 67, close to overbought levels. A clean break above $1.30 could open the door to more gains, while a rejection there could bring a quick pullback after such a fast run.

Read also: BREAKING: Avalanche Leads Big Coins With a 7% Jump Above $11 — But Futures Traders Are Stepping Back

This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: CryptoDaily, CryptoTimes, CoinGecko, CoinCodex