FIL Token Slides 2.67% as Bearish Momentum Persists Despite Growing Institutional Adoption

Filecoin (FIL) is trading at $2.299 on Binance, down 2.67% over the past 24 hours from a 24h open of $2.362. The recent price decline can be attributed to ongoing bearish technical momentum, as indicated by downward-trending moving averages and a neutral RSI, combined with recent volatility following a 6% drop on June 17 after breaking a key support level at $2.52. Despite institutional adoption and positive developments in its decentralized storage network, including usage by MIT, Flickr, and the Titan Network, current market sentiment remains cautious. FIL’s market cap is approximately $1.55 billion with a circulating supply of 677 million, and the token ranks #51 by market capitalization, reflecting modest trading volumes and continued sensitivity to broader crypto market trends.