Internet Computer ICP surges 7% on crypto market rally

Internet Computer (ICP) experienced a notable surge, rising 7% before stabilizing above the key support level of $5.50. This upward movement was part of a broader rally in the crypto market, where capital flowed into altcoins following gains in major cryptocurrencies like bitcoin and ether. The rally saw ICP peak at around $5.66 before entering a consolidation phase between $5.50 and $5.58. This consolidation phase was marked by two failed attempts to break above the $5.64–$5.66 resistance zone, indicating short-term exhaustion. However, the token remained well-supported near $5.52, where fresh demand consistently emerged.

The 24-hour window from July 15 at 15:00 UTC to July 16 at 14:00 UTC saw ICP fluctuate within a $0.39 range, with volume exceeding 964,000 units. This robust participation from both large and small buyers highlighted the strength of the altcoin sector during this period. The consolidation phase reflects similar dynamics seen across Layer 1 tokens, which are experiencing profit-taking after multi-session gains but maintaining higher support zones. ICP’s ability to hold steady in a tightening range mirrors the broader market’s pause after a strong leg up.

If the bullish sentiment across the crypto market continues, ICP may challenge the $5.60–$5.66 resistance band again. This potential upswing is supported by steady inflows and ICP’s strong positioning in the decentralized computing narrative. The market structure remains bullish above $5.50, amid the broader strength in the crypto market. The current price of ICP is $5.5354, up 1.89% on the day, reflecting the token’s resilience and the ongoing bullish momentum in the altcoin sector.