ICP's $4.92 Support Crucial as Energy Sector Fuels Long-Term Optimism

ICP, the token of the Internet Computer Protocol, faces a critical juncture as it retreats from a failed breakout above $5.17, signaling a shift into consolidation. The token traded at $4.90 as of November 19, 2025, down 6.48% from its recent high, with volume surging 32% above the 24-hour average during the unsuccessful attempt to breach key resistance according to market analysis. The pullback has confined ICP to a tight $4.92–$4.97 range, where traders are closely watching for signs of renewed momentum. Analysts at CD Analytics note that the failed breakout has triggered a corrective phase, with lower highs and lower lows forming a pattern that suggests near-term uncertainty.

The broader market environment, however, remains bullish for sectors tied to energy and data infrastructure, which could underpin long-term demand for ICP. Constellation Energy Corp (NASDAQ:CEG) saw its shares rise 3.52% in premarket trading after securing a $1 billion federal loan to restart the Three Mile Island nuclear reactor. The project, part of a $1.6 billion effort to revive the 835-megawatt facility, underscores growing demand for carbon-free power to support AI-driven data centers. Energy Secretary Chris Wright emphasized that the Department of Energy's Loan Programs Office would prioritize nuclear projects, aligning with President Trump's executive orders to expand nuclear capacity.

Meanwhile, GDS Holdings Limited reported a 74.4% utilization rate for its data centers as of Q3 2025, reflecting robust demand for hyperscale infrastructure. The company attributed temporary declines in utilization to newly operational facilities linked to a 152MW hyperscale order secured in Q1 2025. Powell Industries, another key player in energy infrastructure, highlighted strong activity in data center-related projects during its Q4 2025 earnings call. CFO Mike Metcalf noted that data centers remain the primary growth driver in the commercial and industrial segment, with opportunities in mining and pulp and paper industries also gaining traction.

Despite these positive fundamentals, ICP's near-term outlook hinges on breaking out of its consolidation phase. A clean move above $4.97 could reignite interest in the $5.17 resistance level, while a breakdown below $4.92 risks prolonging the correction. CD Analytics cautions that the $4.92 support zone is pivotal, as its failure to hold could signal a deeper retracement. Investors are also monitoring Powell Industries' offshore investments and Constellation Energy's progress on the Three Mile Island restart, as both developments could influence broader market sentiment.