ICP Slides Nearly 5% as Key Support Crumbles Under Heavy Selling

Internet Computer Protocol’s (ICP) token fell 4.77% in the past 24 hours, dropping from $5.66 to $5.39 as intensified selling pressure pushed the price below key technical levels.

The token traded within a $0.33 range between $5.68 and $5.35, representing 5.3% intraday volatility, based on CoinDesk’s technical analysis data. The most notable breakdown occurred between the early European and mid-afternoon trading sessions on Tuesday, when ICP slipped below the critical $5.55 support level amid a surge in trading volume to 647,663 contracts — nearly double the daily average of 356,394.

Although ICP briefly found footing around $5.38 late in the day, attempts at recovery were weak. Between 07:06 and 08:05 UTC on July 30, the token declined an additional 0.92%, moving from $5.44 to $5.39. Repeated attempts to hold the $5.38 level during the 07:40–07:55 UTC window pointed to persistent bearish dominance over short-term price direction.

The recent price weakness comes despite continued development efforts from the DFINITY Foundation. The release of Internet Computer 2.0 — featuring tools that allow developers to build applications using natural language prompts — underscores the project’s focus on improving usability and accessibility. However, these innovations have yet to provide upward momentum for the token’s price.

Technical Snapshot:

Consolidation Zone: Between $5.38 and $5.44 as trading flattened

24-Hour Decline: 4.77%, from $5.66 to $5.39

Trading Range: $5.68 (high) to $5.35 (low), spanning $0.33 (5.3%)

Volume Spike: 647,663 contracts during $5.55 breakdown, vs. daily average of 356,394

Support Tests: $5.38 tested multiple times on July 30

Resistance Level: $5.44 marked by fading volume and weak rebound attempts