Filecoin – How rising whale demand could extend FIL’s 14% gains

Whale involvement in the market rose significantly in the past day, with the Whale Retail Ratio, which tracks whether whales or retail traders are active in the market, rising to around 0.329 on the chart.

When the delta surges and remains strongly positive, as is currently the case, it implies that the asset is likely to continue in its present direction.

CoinGlass data shows that whale positioning on Binance and Bybit has helped the rally. The Long/Short Ratio, which tracks the balance between long and short positions, confirms that buying pressure in the market is significantly higher than selling pressure.

Perpetual metrics support further gains

In the FIL perpetual futures market, the Funding Rate has risen from -0.0019% to 0.0102% at the time of writing. A positive Funding Rate implies that long positions dominate the market.

With more long positions in the market, sentiment remains bullish, and the asset is trading in the direction of the bulls.

Capital in the perpetual futures market has continued to expand during this period as the Funding Rate strengthens the bullish outlook. CoinGlass data shows that Open Interest rose by around 17.5%, reaching $275 million at the time of this analysis.

On-chain activity picks up

On-chain activity, measured by trading volume across decentralized exchanges (DEXs) for FIL, has also increased.

Filecoin’s on-chain volume surged from $71,167 on the 4th of October, its lowest level of the month, to around $757,092 at press time, according to DeFiLlama data.

A surge of this scale points to increased market activity and adds to the overall price performance, with the potential for further price movements in the near term.

Another Filecoin on-chain metric also points to momentum that could fuel the asset’s push in the near term, with Total Value Locked (TVL) reaching $3.2 million over the past day.

The asset remains bullish for now, adding to its overall performance and the possibility that the price will remain bullish in the long term.

• Open Interest rose 17.5% to $275 million, while the Funding Rate turned positive and DEX volume climbed to $757,000.