Filecoin (FIL) Price Drops 5% Amid Major Crypto Market Sell-Off

The Filecoin (FIL) cryptocurrency experienced a significant drop, declining by approximately 5% in the last 24 hours. This downward movement aligns with a broader correction across the entire cryptocurrency market, where major assets like Bitcoin (BTC) and Ethereum (ETH) also saw substantial losses. The sell-off appears to be driven by a wave of profit-taking and increased risk aversion among investors, leading to heightened volatility. Market analysts are monitoring key support levels for FIL to gauge whether the current decline is a short-term pullback or the start of a more prolonged bearish trend. Traders are advised to watch overall market sentiment and trading volume for clearer directional signals.