FIL at a Crossroads: Rally or Relief?

Trading at $1.60 with a modest +1.66% gain, FIL seems to be catching its breath after the broader market carnage. But is this stabilization a genuine reversal signal, or just temporary relief before another leg down?

What's Moving the Needle:

Technical Reset: RSI hovering in oversold territory suggests the selling pressure might be exhausting itself. The $1.58 level, previously a point of rejection, has now flipped into support—a potentially bullish shift if it holds.

Volume Reality Check: While price action looks encouraging, trading volume remains anemic. Without conviction from buyers, this bounce could fizzle out quickly.

Ecosystem Growth: Beyond the charts, fundamentals are showing signs of life. The Proof of Data Possession (PDP) mechanism is now operational, and the Filecoin Virtual Machine has crossed 5,000 deployed contracts—tangible evidence that developers are building on the network.

The question isn't whether FIL can bounce. It's whether the ecosystem momentum can translate into sustained demand. Right now, we're watching a coin balanced between technical recovery and fundamental promise.