ICP$4.9785 pulled back from its rally above $6.50, to trade just below $5 throughout the European morning on Wednesday, nearly 25% below Tuesday’s peak.
ICP recorded a resistance-shattering surge on Tuesday, gaining as much as 64% to eclipse the $6.50 mark, before profit taking capped much of these gains, according to CoinDesk Research’s technical analysis data model.
Trading activity was intense, with 20.48 million tokens exchanged — representing roughly 418% above average — as traders reacted to volatile swings between $4.77 and $6.35.
Despite the reversal, ICP’s recent strength remains notable given the broader crypto market’s ongoing pullback. The token outperformed major peers earlier in the week but has since transitioned into consolidation as momentum cools. Analysts note that ICP’s elevated volume and recurring liquidity spikes reflect continued institutional interest, even as volatility heightens risk for short-term traders.
The current technical setup shows ICP stabilizing above $4.80 support, which has repeatedly attracted buyers over the past three sessions. Resistance now forms between $5.20 and $5.40, where prior rallies met selling pressure. A sustained push above this zone could reestablish bullish momentum, while failure to hold $4.77–$4.80 risks a deeper correction toward the $4.50 range.
