Filecoin [FIL] witnessed a major rally over the past day, gaining roughly 13% at press time.
Bullish positioning in the perpetual market supported the outlook, but Spot Netflow showed that sellers remained active. That left investors watching whether buyers could sustain the rally, with potential liquidation pressure below the market.
Are FIL spot buyers supporting the rally?
FIL’s latest Spot Netflow readings challenged the accumulation narrative.
CoinGlass’s trading-based Spot Netflow tracks buying volume minus selling volume across exchanges. Positive readings indicate net buying, while negative readings indicate net selling.
At press time, FIL recorded $31.61 million in Inflow and $31.96 million in Outflow over 24 hours. This left Net Inflow at approximately −$356,810.
The $31.96 million represented total Outflow within that period, rather than a separate, earlier withdrawal.
Despite FIL’s price gain, selling volume slightly exceeded buying volume across the tracked spot markets. The rally therefore lacked confirmation from positive Spot Netflow. That put the spotlight on perpetual traders, whose positioning leaned more bullish.
How firmly are FIL traders backing longs?
FIL’s overall Long/Short Ratio stood at 1.0475, placing buyers slightly ahead of sellers. The reading supported a bullish tilt, although its proximity to 1 showed that the advantage remained narrow.
In fact, Binance and OKX showed bullish readings across most tracked participant categories. Binance recorded more than $255 million in FIL Trading Volume. Retail traders and Whale Accounts leaned bullish, while the Whale Position ratio reached 2.59. Smart Money Sentiment was also bullish.
OKX recorded $130.73 million in FIL Trading Volume. Retail positioning leaned bullish, while Smart Money Sentiment was extremely bullish.
However, its whale readings were mixed. The Whale Account ratio stood at 1.08, labeled neutral, while the Whale Position ratio reached a bullish 1.75.
Buyers retained an edge, but the overall ratio suggested that bullish control was far from overwhelming.
Could FIL’s rally unwind toward $1.05?
The Liquidation Heatmap highlighted potential liquidation clusters around the $1.05 region, below FIL’s press-time price.
If buying momentum weakened, a decline toward those levels could trigger Long Liquidations and add selling pressure.
However, those clusters could not establish a high probability of FIL reaching $1.05.
For now, perpetual positioning leaned bullish, while negative Spot Netflow offered a reason for caution. Stronger spot buying could give the rally firmer backing; weakening demand could leave leveraged longs exposed.
Final Summary
- FIL gained roughly 13%, despite slightly negative Spot Netflow and a narrow overall buyer advantage in perpetual markets.
- Potential liquidation clusters around $1.05 could intensify selling if FIL’s bullish momentum weakened.
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