ICP extended its retreat from its November peak, sliding further after repeated failures to reclaim major resistance levels, while a surge in trading activity highlighted growing attention on the token’s support near $4.70.

ICP dropped to $4.8119 over the past 24 hours — a 5.57% decline — continuing the drawdown from last week’s highs. The pullback firmly pushed the token below the $5.00 mark, a level that has served as an important technical pivot in recent months, according to CoinDesk Research’s technical analysis model.

Price action was volatile throughout the session, with the token sweeping a wide range and tagging an intraday low of $4.69.

Trading volume spiked sharply, rising 98% above the daily average, making it one of the most active sessions of the month. The volume surge aligned with multiple failed attempts to break back above $5.00, reinforcing a clearer ceiling after the steep decline from November’s earlier highs near $9.50.

Intraday flows show several efforts to build a floor around $4.70, where short-lived rebounds produced a sequence of higher lows supported by volume bursts of 207K and 167K tokens. While these moves point to early stabilization attempts, ICP continues to trade below key resistance zones.

The broader market structure has now shifted into a short-term consolidation phase. Immediate resistance is seen around $4.75, with the more meaningful barrier remaining at $5.00. On the downside, the $4.69–$4.70 band remains the critical support range that will determine whether ICP can avoid a deeper correction in the coming sessions.