Internet Computer Rises on Heavy Buying and Resilient Price Structure

Internet Computer Protocol (ICP) extended its upward trajectory over the last 24 hours, rising 2.29% from $5.25 to $5.37.

The token’s price action unfolded within a $0.26 corridor between $5.16 and $5.42, representing a 4.94% trading spread, as traders navigated pronounced intraday volatility, according to CoinDesk’s technical analysis data model.

The most notable moves came in the early hours of Aug. 8, when volume surged to 3.13 million units at midnight and then doubled to 6.93 million at 01:00 UTC, both figures well beyond the 24-hour average of 876,000. These inflows consistently met bids in the $5.24-$5.27 zone, reinforcing a support base. On the upside, sellers concentrated around $5.39–$5.42.

ICP subsequently advanced from $5.36 to $5.38, notching a 0.37% push. This climb was underpinned by elevated volumes between 09:50 and 09:55 UTC, ranging from 27,887 to 39,904 units, more than triple the hourly baseline. The rally confirmed $5.33-$5.34 as an intraday floor, with a breakout above $5.36 resistance hinting at the potential for further gains.

Despite the broader market’s mixed sentiment, ICP’s chart structure has strengthened. The coin’s ability to hold key support levels, combined with increased volume, underscores ongoing institutional participation and growing confidence in the network’s long-term roadmap, which includes recent performance upgrades and integration with Bitcoin functionality.

Technical Analysis Highlights

• 24-hour price range: $5.16-$5.42 (4.94% spread).
• Support repeatedly confirmed at $5.24–$5.27.
• Resistance concentrated at $5.39-$5.42.
• Midnight volume spike: 3.13M units vs 876K average.
• 1:00 AM volume spike: 6.93M units.
• Breakout above $5.36 resistance with volumes of 27,887-39,904 units.
• New intraday support formed at $5.33-$5.34.
• Strong buying interest during consolidation phases.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.