The Internet Computer Crypto is on fire this week, delivering a rally that captured the market’s attention overnight. The ICP token rocketed 22.15% in 24 hours to $9.49, bringing its market cap to an impressive $5.11 billion. This is while trading volume soared 32.9% to $1.7 billion.
The move started as soon as ICP broke above its stubborn $7.40 resistance on November 7. So what’s fueling this ICP crypto price surge? 3 factors stand out: Caffeine AI’s launch kicked off an excitement wave, and bullish technical signals signaled bullish intent. Plus, ICP’s ecosystem posted fresh yearly highs in TVL and stablecoin adoption. All together, these factors sparked stop-loss runs and FOMO buying.
I noticed a dramatic shift in onchain metrics, with Internet Computer’s TVL reaching $28.03 million, up 24.91% in just 24 hours. Stablecoin market cap stands at $5.28 million, and app fees hit $4,076 over the same period. Volumes in ICP’s DeFi sector now exceed $5.79 million daily.
Successively, this momentum suggests deepening user engagement and rising trust in the platform’s growth. These fresh highs in TVL and stablecoin adoption, with direct data sourced from DefiLlama, fuel optimism for continued interest in the ICP token. Further, confirming that ecosystem expansion helps validate current price ambitions.
ICP price action right now looks fully charged. After breaking out above $7.40 and retesting $8.76, relentless volume powered the token to $9.49. Bullish momentum is confirmed by a MACD crossover and a rising histogram of +0.55, both pointing to sustained rally potential as long as ICP can close above $8.00.
The sharp 211.94% weekly rally and a high of $9.61 give bulls a clear shot at $10.52 next, with eyes on the $12.18 region for moon targets. If buyers cool off and ICP dips below $7.40, we could see a retrace to the $5.94 level.
But, given the strength in volume and bullish technical-confirmed indicators, the upside looks much more likely. We can expect the first targets at $10.52 by mid-November if momentum holds. In bearish scenarios, losses would likely stay capped above $5.94, as long as ecosystem metrics remain strong.
ICP, or Internet Computer, is a blockchain project focused on building a fully decentralized web powered by smart contracts, designed for speed, scalable dApps, and user-owned data.
ICP is running up due to technical breakouts above key resistance, explosive trading volume, Caffeine AI’s launch, and ecosystem metrics hitting records. Thereby, triggering both stop-losses and new FOMO buying.
If bullish momentum and volume continue, ICP price could reach $10.52 by mid-November, with room for more if the rally expands and technicals stay healthy.
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