Internet Computer Protocol’s native token, ICP, advanced 5% to $5.57 over the last 24 hours, bolstered by a blend of strong technical structure and key fundamental upgrades.
The token traded within a $0.36 bandwidth and found aggressive support near $5.21 during the 19:00 hour UTC on July 30, where volume spiked to 1.43 million tokens, more than three times the 24-hour average of 476,829 units, according to CoinDesk’s technical analysis data model.
Upward momentum persisted as the price steadily climbed through successive higher lows to form a solid bullish channel, before resistance began to cap gains around $5.58.
DFINITY’s recent launch of Internet Computer 2.0, which includes tools allowing anyone to build applications using natural language prompts, could open Web3 development to non-technical users and help to further differentiate ICP in a crowded layer-1 ecosystem.
DFINITY has burned over 1 million ICP tokens in just five months, reducing overall supply and signaling long-term commitment to value optimization. The twin narratives of AI-enhanced utility and token deflation appear to be gaining traction among institutions seeking exposure to infrastructure-oriented crypto assets.
Technical Analysis
- $5.21 confirmed as key support with 1.53M tokens traded during 19:00 recovery surge.
- $5.58 marked session top and temporary barrier to continuation.
- Ascending lows from $5.21 to $5.50 signal strong bullish construction.
- Institutional accumulation backed by volume spikes well above average.
- 0.18% increase from $5.56 to $5.57 during 09:05–10:04 UTC, validating consolidation at elevated levels.
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