ICP Price Surges 3% Amid Strong Development Activity

Internet Computer (ICP) has been a focal point for traders and analysts alike, with its price prediction remaining within a tight range of $4.60 to $4.95. The token has shown prolonged sideways momentum, leading to speculation about a potential breakout from its consolidation phase. The breakout level is set at $5.10, with a move above this point potentially opening up a path to $5.40 and even $6.20, where the 200-day Exponential Moving Average (EMA) acts as a significant technical barrier. Conversely, failure to hold the $4.60 support level could see the price drop to the $4.30–$4.40 support band.

Beyond the trading dynamics, the social buzz around the ICP project has surged, which is often seen as a bullish indicator for holders. According to Santiment, ICP has recorded 431.3 notable GitHub events per day over the past 30 days, significantly outpacing competitors like NEAR and Filecoin. This spike in development activity signals strong builder conviction, which is frequently a leading indicator of price strength. At the time of reporting, ICP was trading at $4.87, up 3% in the last 24 hours, with trading volume increasing by 7%, suggesting renewed momentum.

Exchange behavior further supports bullish theories. Last week, ICP experienced $3.62 million in net outflows, a significant amount, especially during a consolidation phase. Such outflows often indicate accumulation by long-term holders. Additionally, in the past 24 hours, traders have shown a strong interest in long positions. On CoinGlass’ Liquidation Map, $909.48K in long positions have been stacked around $4.65, with major exchanges like Binance and Bybit contributing significantly to this exposure. Meanwhile, short positions have formed near $4.93, just below the breakout level. This dual pressure zone creates a liquidity pocket, where a break in either direction could trigger a swift move. The tight coil of long and short leverage is a classic precursor to volatility, adding to the anticipation around ICP's next move.