Internet Computer (ICP) has been capturing the attention of investors with its impressive gains, even in a market experiencing a slight downturn. According to the latest market data, ICP has surged by 16% over the past week, indicating a potential upward trend in the coming days.
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Despite the market’s undeniable bullishness, a reversal might be forming in the coming days, threatening this month’s gains. However, with investors anticipating ‘Uptober’, there might still be room for investors to squeeze in some gains as the month ends.
Rejection At $9.90 Might Force Investors Below $9.23
As of writing, ICP’s upward trajectory is threatened by a rejection at the $9.90 resistance level. This might force the token well below $9.23 if the sentiment reversal continues to strengthen. Considering that the $9.23 support level is relatively weak, the bearish outlook holds significant weight on the portfolios of investors.
ICP’s current upward drive started at the beginning of August and has continued to develop over the month. Although it seems that this momentum will be continuous, experiencing only occasional dips, the current rejection coupled with today’s market dip may put the token on a path of losses in the coming days.
The Relative Strength Index (RSI) also signals that ICP bulls might hit their threshold soon, leading to a potential pullback for the token.
If the token does not stabilize at its current price level, ICP bears will have the momentum to break through the $9.23 support level, targeting $8.09. However, if the token stabilizes, it has the potential to achieve a breakthrough at the $9.64 resistance, with a target set at $11.41.
Internet Computer: Network Activity Skyrockets As Fees Surge
Token Terminal, a crypto market data aggregator, recently reported that Internet Computer network activity has surged significantly over the past month, leading to increased fees. This surge has allowed the platform to outperform other Layer 1 (L1) networks, with an over 5,000% increase in activity over the last 30 days.
According to Token Terminal, this jump in activity is due to bob.fun, a blockchain built on top of ICP that creates a secure record book while utilizing the underlying platform for security.
In a recent discussion at Token2049 in Singapore, Dominic Williams, the Founder and Chief Scientist of the DFINITY Foundation, highlighted the importance of compute in modern society. He stated, “When you’re running software or a system on the ICP network, it never crashes or stops running.”
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With the use case for ICP as a security and compute layer, network activity on the platform may continue to trend upward in the coming months.
