Strong Trading Volume Drives ICP Higher, Fueling Bullish Sentiment

Internet Computer (ICP) Builds Bullish Momentum as Volume Spikes Above Key Support

Internet Computer (ICP) extended its gains on August 8, rising 2.29% from $5.25 to $5.37, as high-volume accumulation supported a breakout attempt toward the $5.40 resistance level.

Over the past 24 hours, ICP traded within a $0.26 band between $5.16 and $5.42—marking a 4.94% price spread—amid notable intraday volatility, according to CoinDesk’s technical analysis model.

The sharpest movement occurred in the early hours, with volume surging to 3.13 million units at midnight, then doubling to 6.93 million by 01:00 UTC—far above the daily average of 876,000. This heavy activity reinforced the $5.24–$5.27 zone as a firm support level. Meanwhile, sell orders were concentrated between $5.39 and $5.42.

Later in the session, ICP moved from $5.36 to $5.38, gaining 0.37% with volume spikes between 27,887 and 39,904 units from 09:50 to 09:55 UTC—more than triple the hourly baseline. This helped establish $5.33–$5.34 as a new intraday floor and signaled potential for continued upside.

Despite broader market uncertainty, ICP’s structure shows signs of strength. The asset’s resilience at key levels and rising institutional interest—reflected in outsized volume—suggest renewed investor confidence. The network’s recent performance improvements and integration with Bitcoin functionalities further bolster the bullish outlook.

Technical Breakdown:

24-Hour Range: $5.16–$5.42 (4.94% spread)
Support Confirmed: $5.24–$5.27
Resistance Cluster: $5.39–$5.42
Volume Spikes:
- Midnight: 3.13M units
- 01:00 UTC: 6.93M units
- 09:50–09:55 UTC: 27,887–39,904 units
New Support Zone: $5.33–$5.34
Market Signal: Institutional volume activity and consistent bid absorption