Internet Computer (ICP) Price Analysis: Poised for a Surge in the Coming Weeks

Internet Computer (ICP) has been in a downtrend over the past two months. Its price action highlighted by its ongoing volatility has left traders uncertain about ICP's next move. Today, crypto analyst Ali Martinez pointed out why the altcoin is poised to experience a surge in the coming weeks.

Crypto analyst Ali Martinez has shared his insights on Internet Computer (ICP) in a recent technical analysis. According to Martinez, the altcoin needs to hold the $6.60 support to continue its push toward $10 or even $15.

ICP’s price action highlighted by its ongoing volatility has left traders uncertain about ICP’s next move. Today, Martinez pointed out why the altcoin is poised to experience a surge in the coming weeks.

Highlighting ICP’s technicals, Martinez noted that the token needs to continue holding the $6.60 support for a push toward $10 or even $15.

ICP’s price action over the past two months has been largely influenced by its inability to break past key resistance levels. However, its recent ability to secure strong support above critical levels could pave the way for a breakout.

If ICP manages to hold at this level and push through the $10 resistance, it could trigger a new upward trend, attracting new buyers and setting the stage for a significant upward momentum. Such a price action could enable ICP to retest a higher resistance level of $15 and even move further.

According to Martinez, a rise above $10 could indicate the beginning of a major uptrend, bolstering enthusiasm for ICP’s long-term strength.

ICP’s price updates

Internet Computer has been in a downtrend since early December 2024, following a market correction that began early this month. Despite the bearish sentiment in the market, ICP’s on-chain data suggests that a breakout could be imminent.

The asset’s price is currently hovering at $6.84, finding support in the $6.5 and $6.85 range and facing resistance at $8.15 and $9.31. These technical zones are key in determining whether the token will continue its downtrend or break out from the slump.

ICP has struggled to move above the $9.31 resistance, a zone that has repeatedly hindered its price movement. However, its current price correction could be setting the stage for a breakout to an upward trend. If buying activity continues rising, as suggested by Ali Martinez, ICP could cross the $9.31 resistance and aim for the next significant resistance at $11.51. This would indicate a strong price movement, potentially suggesting a shift toward a market rally.

The asset’s price has declined by 24.9% over the past 30 days. Despite this decrease and the waning excitement, ICP’s price is currently situated at a historically significant support zone, which bodes well for the token.

Open Interest in derivatives markets recorded an increase of 0.01% over the past 24 hours. This indicates that traders are increasingly opening new positions in the token. Moreover, accumulation has not ceased. The ICP network is attracting new users. The network’s weekly active addresses have risen to an impressive 7,200, a 19.7% increase from the previous week.