Filecoin Soars 70% After Breaking Through $2 as DePIN Sector Rallies

💡 DMK Insight

Decentralized storage tokens are leading the charge, and here’s why that matters: The recent technical breakout on exceptional volume signals strong buying interest, particularly in a mixed crypto market. This could indicate a shift in investor sentiment, favoring projects with tangible utility in the decentralized space. Traders should keep an eye on key levels for these tokens, as a sustained move above recent highs could attract further momentum. If decentralized storage continues to outperform, it might draw capital away from other sectors, potentially impacting related assets like Ethereum and Bitcoin, which are often seen as safer bets. But there’s a flip side—if this breakout is driven by speculative trading rather than fundamentals, we could see a quick reversal. Watch for volume trends; a drop in buying pressure could signal a pullback. For now, focus on the daily charts of these tokens and monitor any significant resistance levels that could act as barriers to further gains. If they can hold above these levels, it might be time to consider positions in this sector.