pulled back from its rally above $6.50, to trade below $5 Across Europe Wednesday morning, nearly 25% below Tuesday’s peak.
ICP recorded a resistance-shattering surge on Tuesday, gaining nearly 64% to eclipse the $6.50 mark, before paring back most of these gains, according to Coindesk’s technical research analysis data model.
Trading activity was intense, with 20.48 million tokens traded – representing almost 418% above average – as traders reacted to the volatile swings between $4.77 and $6.35.
Despite the reversal, ICP’s recent strength remains notable due to the Crypto Market’s continued pullback. The token outperformed major peers earlier in the week but has since moved to consolidate as momentum cools. Analysts note that elevated ICP volumes and repeated liquidity spikes reflect continued institutional interest, even as volatility increases risk for short-term traders.
The current technical setup shows ICP stabilizing above the $4.80 support, which has repeatedly attracted buyers over the past three sessions. Today’s resistance forms between $5.20 and $5.40, where earlier rallies have met selling pressure. A sustained push above this zone could re-establish bullish momentum, while failure to hold $4.77-$4.80 risks a deeper correction towards the $4.50 range.
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