High Volume Hits as ICP Drops Beneath Critical Support During Resistance Challenge

Heavy trading during an unsuccessful recovery attempt forced ICP into a narrower consolidation zone below $4.95, adding to near-term downside pressure.

The token moved across a $0.48 intraday band — roughly 9.6% volatility — as each attempt to push higher lost momentum, according to CoinDesk Research’s technical analysis model.

Market dynamics shifted notably at 19:00 UTC on Wednesday, when volume jumped to 5.63 million tokens, an 85% increase over the 24-hour average. The spike came as ICP tried and failed once again to break above $4.98, confirming that area as a firm resistance cap. Although ICP briefly touched $4.99 during a mid-session uptick, the advance stalled quickly and price rolled over.

In the latest hourly moves, ICP slipped below $4.93, extending the earlier decline and adding pressure to the $4.90 psychological level. Price briefly steadied around $4.917, but the broader structure continues to lean bearish unless the token can reclaim levels north of $4.98.

Support at $4.63 remains the critical level underneath, having acted as a key pivot in previous downturns. Without renewed buying pressure and rising volume toward the top of the range, ICP is likely to stay locked in its current $4.63–$4.98 consolidation band, with the next breakout direction determined by whichever boundary breaks first.

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