•  75.71% of top FIL traders on Binance held long positions, while 24.29% held short positions.
• Filecoin could soar by 40% to reach the $7 level if it holds 200 EMA on a daily time frame.

Filecoin [FIL] is one of those cryptocurrencies that has managed to avoid major price declines in the recent market dip.

On the 20th of December 2024, the overall cryptocurrency market experienced a significant price decline, leading to $1.18 billion worth of liquidation.

Whales’ rising interest in FIL

This wave of liquidations has instilled fear among investors and traders. Amidst this, whales have shown their strong interest and confidence in the FIL token, according to the on-chain analytics firm Coinglass.

Data from FIL’s Spot Inflow/Outflow reveals that exchanges across the crypto landscape have witnessed a significant outflow of $13.85 million worth of FIL.

In the cryptocurrency context, “outflow” refers to the movement of assets withdrawn from exchanges to the wallets of long-term holders. These on-chain metrics suggest a potential upside rally and an ideal buy