ICP Slides as Market Rotates Away From Altcoins; $6 Resistance Holds Firm
Internet Computer (ICP) posted a 5.35% decline over the past 24 hours, dropping from $6.01 to $5.69, as renewed weakness swept through the altcoin sector. The move comes despite recent headlines around Bitcoin-focused DeFi developments, which failed to support price action amid broader risk-off sentiment.
The sharpest drop occurred at 13:00 UTC, when ICP plunged from $5.97 to $5.62 within minutes. Trading volume surged to 2.58 million tokens on the day—almost four times the 24-hour average—highlighting significant distribution pressure.
Attempts to reclaim higher ground faltered at the $6.00–$6.10 resistance zone, which has now denied multiple breakout efforts. Rebounds were capped below $5.83, suggesting sellers remain in control in the short term.
The decline aligned with a wider altcoin pullback that included names like SOL, AVAX, and ADA. Analysts say the retreat reflects a rotation out of speculative assets following Trump-driven rallies and renewed focus on U.S. crypto regulation, including stablecoin-related legislative developments.
Key Technical Levels:
- Range: $6.14 high / $5.62 low (8.4% spread)
- Volume spike: 2.58M tokens traded, 4x average
- Resistance: $6.00–$6.10 remains intact
- Support: $5.62 holds after intraday selloff
- Rebound cap: Fails to retake $5.83 amid persistent selling
With momentum fading and resistance unbroken, traders are watching to see if $5.60 can hold as short-term support or if further downside is on the horizon.
