Filecoin surged 14% to a five-month high, breaking through the $1.20 resistance level and touching a peak of $1.27. The six-year vesting schedule for Protocol Labs and the Filecoin Foundation will end on October 15, causing annual FIL emissions to drop by 75%, falling from 89 million to 22 million tokens. This historic reduction in supply has boosted market optimism, with open interest up 23% to $312 million and derivatives volume rising 103% to $613 million. The bullish momentum remains strong despite recent profit-taking, with the RSI holding around 66 in positive territory, suggesting the token could test the $1.30 resistance level.
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