Internet Computer Falls 5% as Traders Shift Focus, Upside Blocked

ICP Slides 5% as Altcoin Selloff Overshadows DeFi Progress

Internet Computer (ICP) fell 5.35% in the past 24 hours, retreating from $6.01 to $5.69 amid a broader altcoin market pullback. The drop comes as renewed profit-taking and shifting investor sentiment weighed on digital assets, despite positive developments in Bitcoin-related DeFi infrastructure.

The most notable decline occurred at 13:00 UTC, when ICP tumbled rapidly from $5.97 to $5.62. Trading volumes surged to 2.58 million tokens — nearly four times the daily average — indicating heavy institutional distribution, per CoinDesk Research’s technical models.

Despite initial attempts to rally, ICP was repeatedly rejected near the $6.00–$6.10 resistance zone, which has proven a ceiling across several sessions. The asset’s inability to hold above $5.83 suggests a short-term bearish bias, as sellers dominated during minor intraday bounces.

Broader market sentiment mirrored ICP’s trajectory, with altcoins like Solana (SOL), Avalanche (AVAX), and Cardano (ADA) also sliding. Analysts attributed the decline to a natural cooldown after recent Trump-related crypto optimism and attention on stablecoin regulatory frameworks. With traders rotating capital and reassessing exposure, even fundamentally strong tokens failed to hold recent gains.

Technical Summary:

• ICP dropped from $6.01 to $5.69 (-5.35%) over 24 hours ending July 23.
• Intraday high: $6.14; low: $5.62 — an 8.4% trading range.
• Largest move: $5.97 to $5.62 during the 13:00 UTC hour on heavy volume.
• Capitulation volume peaked at 100K tokens/minute — well above daily norms.
• Resistance confirmed at $6.00–$6.10; key support established at $5.62.
• Price recovery capped near $5.83, with selling pressure persisting.

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