Key Takeaways
Internet Computer (ICP) gained more than 20 percent over the past 24 hours, with its price hitting $3.21 as of 18:00 UTC. The move was fueled by a strengthening narrative around artificial intelligence applications on blockchain and broader positive momentum in the cryptocurrency market.
The rally saw significant volume, with CoinGecko data showing 24-hour trading volume for ICP reaching $232.7 million, or roughly 13% of its total market capitalization. "The Bitcoin momentum and narrative strength around sectors such as AI has helped ICP post substantial gains recently," AMBCrypto noted in a recent report.
Data shows the token added 19.4% against Bitcoin and 20.6% against Ethereum, suggesting buying pressure was concentrated on ICP itself rather than a general altcoin rotation. The token’s market cap rose to $1.77 billion, placing it at rank 51 globally. The primary technical challenge for ICP is a persistent resistance level between $2.80 and $3.00, a ceiling that has held since February. A cluster of potential short liquidations sits just under the $3 mark, which could attract price action higher, according to data from Coinalyze.
The move puts a spotlight on what’s at stake for the project: whether it can convert the AI narrative into sustained demand and break its three-month consolidation range. A decisive move above the $3.00 level, flipping it from resistance to support, would be a significant bullish confirmation. Until then, traders are watching to see if the rally is another test of the ceiling or the start of a new leg up.
Internet Computer, launched by the DFINITY Foundation in May 2021, is a decentralized cloud computing network that allows developers to deploy software and host web applications directly on the blockchain. The project’s architecture allows for AI model inference to run directly in its “canister” smart contracts, a feature DFINITY has promoted as a key differentiator from competitors like Ethereum and Solana. This allows AI computations to run on a decentralized network, removing dependence on centralized providers like Amazon Web Services.
The project’s history includes one of the most anticipated token launches of 2021, with prices opening above $700 before declining sharply in subsequent months. The current price near $3.21 represents a significant recovery from its lows but remains a fraction of its initial peak.
This article is for informational purposes only and does not constitute investment advice.
