Filecoin (FIL) confronted intense selling pressure as the token penetrated multiple support thresholds at $2.39, $2.37, and $2.36 amid exceptionally robust trading volumes on Tuesday morning during the U.S. trading session, according to CoinDesk Research's technical analysis model.

The model showed the decentralized storage network's native cryptocurrency experienced its most severe contraction during the last trading hour, with panic selling evident as volume reached 530,000 within a singular minute.

The token breached key support levels amid institutional liquidation and elevated-volume selloff, according to the model.

The last week saw core protocol updates, new AI initiatives and ongoing preparations for FIL Dev Summit 7, the network said in a post on X.

In recent trading, Filecoin

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