What to know:
- The ICP price holds $2.17 support as buyers absorb selling pressure and defend demand.
- A breakout above $2.38 resistance could boost bullish momentum and trigger recovery.
- Internet Computer recorded nearly 119 million daily transactions, signaling strong network growth.
Internet Computer (ICP) is defending a key support zone as buyers attempt to absorb selling pressure, while resistance remains a hurdle for further recovery for the ICP price. A successful breakout could strengthen bullish momentum. Meanwhile, rising network activity highlights growing adoption of ICP’s decentralized infrastructure for blockchain applications, AI services, and scalable on-chain computing.
At the time of writing, ICP is trading at $2.17 with a 24-hour trading volume of $28.17 million and a market capitalization of $1.2 billion. Despite the 3.29% loss over the last 24 hours, the ICP price structure and daily transaction growth point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: ICP Price Eyes Strong Recovery: Can the Token Reach Its $461 ATH Again?
ICP Price Targets $2.38 as $2.17 Support Holds
According to the crypto analyst CW, the ICP price is approaching a critical liquidity zone, with two significant buy walls positioned below the current price and extending toward $2.17.
These demand areas could serve as support if sellers regain control, potentially absorbing selling pressure and preventing a deeper decline. Traders may closely monitor these levels for signs of renewed buying interest.
Source: CW’s X Post
Positively, there is a significant sell wall for the ICP price around the $2.38 area. This indicates a crucial resistance level that may restrict any future price rise.
A good move above this range would be bullish for the buyers. On the other hand, failure at the $2.38 region will see the token testing its buy walls.
Dfinity’s ICP Records Nearly 119M Daily Transactions
The data from Chainspect further highlighted that the Internet Computer Protocol of Dfinity completed over 119 million transactions on one day, achieving a transaction throughput rate of over 1,300 transactions per second on a constant basis.
This achievement showcases the increasing activity on the network and proves that it can handle large-scale on-chain transactions with the increased usage by the developers and apps on it.
Source: Chainspect’s X Post
The increase also highlights the overall aim of ICP to become a serverless cloud for blockchain-based applications and artificial intelligence (AI) services.
Rather than depending on centralized solutions only, applications and services can be deployed using decentralized computing infrastructure. Growth in transactions will improve the standing of ICP due to increased demand for on-chain computing.
What Comes Next for ICP?
The traders will observe if the ICP price continues to hold the $2.17 support level or if the buyers will push the price towards the $2.38 resistance level.
If ICP successfully breaks the $2.38 resistance level, it could add some bullish strength to help the price move higher. Otherwise, it may lead to further selling pressure.
Also Read: ICP Price Prediction: Trendline Breakout Sets Stage for Potential $3.80 Rally
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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