Internet Computer resistance test: Upside targets to watch

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Internet Computer jumps 7.19% today

Highlights

Internet Computer recorded the highest 24-hour Web3 transaction volume at 134.5 million, surpassing Solana’s 123.4 million.
The surge in on-chain activity indicates strong user demand and elevated engagement with Internet Computer’s network.
ICP/USD trades above key short- and long-term moving averages, with overbought oscillators and an expected short-term range of $2.54 to $2.74.

Surging transaction volumes boost demand and fuel positive sentiment

Internet Computer has achieved the highest 24-hour Web3 transaction volume, recording 134.5 million transactions and outpacing Solana’s 123.4 million, according to Kucoin. This spike in on-chain activity signals substantial user demand and heightened engagement with ICP's network, which typically translates to increased market participation. As a result, the strong transaction metrics have contributed to positive sentiment surrounding the asset’s current momentum.

Overbought signals and buyer bias as momentum diverges from trend strength

On the technical front, ICP is trading above the MA-20 at $2.57, the MA-50 at $2.52, and is well above the MA-200 at $2.43 on the hourly chart. The Ichimoku Kijun sits at $2.53, now acting as immediate support. RSI is elevated at 65.85, while CCI and Stochastic RSI both confirm overbought conditions. MACD continues to display a buy signal, and ADX remains neutral, indicating strong momentum but with the trend strength not yet fully confirmed. Bull/Bear Power underscores buyer dominance, accompanied by a positive Awesome Oscillator reading, reflecting a divergence between stretched oscillators and ongoing bullish momentum.

Bullish bias prevails as consolidation range faces breakout potential

Looking ahead to the near term, ICP/USD is likely to consolidate within the $2.54–2.74 range over the next one to two trading days. There is a 64% probability of further upside, while a downside move is less likely immediately. The baseline scenario anticipates price action within this band, with notable bullish potential if resistance is broken and potential for further declines should support be breached.

Viktoras Karapetjanc, expert at Traders Union, sees Internet Computer’s strong transaction volume as a clear sign of demand and growing network engagement. He notes that technical indicators show healthy momentum with buyers in control. The expert believes market sentiment is improving, and further upside is more likely in the short term. "With sustained on-chain activity and positive momentum, I remain constructive on ICP’s near-term outlook," he says.

Earlier, analysts noted that Internet Computer faced sustained downside risk due to prevailing technical weakness and ongoing seller pressure. The current analysis signals a shift, with ICP now demonstrating strong bullish momentum supported by record transaction volumes, and traders should watch for confirmation of trend strength as the asset tests the upper boundary of its projected consolidation range.

Source of Data: ICP Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.