Internet Computer Protocol's native token, ICP, advanced 5% to $5.57 over the last 24 hours, bolstered by a blend of strong technical structure and key fundamental upgrades.
The token traded within a $0.36 bandwidth and found aggressive support near $5.21 during the 19:00 hour UTC on July 30, where volume spiked to 1.43 million tokens, more than three times the 24-hour average of 476,829 units, according to CoinDesk's technical analysis data model.
Upward momentum persisted as the price steadily climbed through successive higher lows to form a solid bullish channel, before resistance began to cap gains around $5.58.
DFINITY’s recent launch of Internet Computer 2.0, which includes tools allowing anyone to build applications using natural language prompts, could open Web3 development to non-technical users and help to further differentiate ICP in a crowded layer-1 ecosystem.
DFINITY has burned over 1 million ICP tokens in just five months, reducing overall supply and signaling long-term commitment to value optimization. The twin narratives of AI-enhanced utility and token deflation appear to be gaining traction among institutions seeking exposure to infrastructure-oriented crypto assets.
Technical Analysis
- $5.21 confirmed as key support with 1.53M tokens traded during 19:00 recovery surge.
- $5.58 marked session top and temporary barrier to continuation.
- Ascending lows from $5.21 to $5.50 signal strong bullish construction.
- Institutional accumulation backed by volume spikes well above average.
- 0.18% increase from $5.56 to $5.57 during 09:05–10:04 UTC, validating consolidation at elevated levels.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
