Internet Computer Falls Nearly 25% Following Surge to Over $6.50

ICP$4.9648 pulled from its rally above $6.50, to trade just under $5 across Europe Wednesday morning, nearly 25% below Tuesday’s peak.

ICP registered a resistance rally on Tuesday that gained as much as 64% to eclipse the $6.50 mark, before profit-taking capped many of those gains, according to CoinDesk Research’s technical analysis data model.

Trading activity was intense, with 20.48 million tokens traded – representing around 418% above average – as traders reacted to volatile swings between $4.77 and $6.35.

Despite the reversal, ICP’s recent strength remains notable given the continued pullback of the broader crypto market. The token outperformed its major peers earlier in the week, but has since transitioned into consolidation as momentum cools. Analysts note that ICP’s high volume and recurring liquidity spikes reflect continued institutional interest, even as volatility increases risk for short-term traders.

The current technical setup shows the ICP stabilizing above the $4.80 support, which has repeatedly attracted buyers over the past three sessions. Resistance is now forming between $5.20 and $5.40, where earlier rallies have met selling pressure. A sustained push above this area could restore bullish momentum, while failure to hold $4.77-$4.80 risks a deeper correction towards the $4.50 range.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.