Internet Computer Protocol (ICP) surged 5% in the past 24 hours, reaching $5.57, as new AI-powered no-code development tools and a 1 million token burn drove institutional accumulation. The price rallied within a 7% intraday trading range, supported by strong technical structure and growing demand for scalable blockchain infrastructure.
The move is part of a broader bullish trend as DFINITY’s recent innovations begin to reshape developer accessibility.
Internet Computer 2.0: AI Meets No-Code
The rally coincided with the debut of Internet Computer 2.0, an upgrade from the DFINITY Foundation introducing AI-based development tools that allow users to build decentralized applications using natural language prompts. This positions ICP as a leader in Web3 accessibility, opening doors for non-developers and enterprises seeking fast, scalable dApp creation.
These tools allow apps to be created with plain English, significantly lowering the barrier to Web3 entry.
The announcement triggered a sharp uptick in market sentiment, particularly among institutional traders seeking exposure to infrastructure tokens with strong real-world utility.
1 Million ICP Tokens Burned
In parallel, the burn of 1 million ICP tokens over the past five months added deflationary fuel to the rally. The token burn, aimed at reducing circulating supply, has been interpreted as a positive signal for long-term value appreciation.
Burns like this reinforce confidence in tokenomics and long-term sustainability.
The combination of utility-driven upgrades and supply contraction created ideal conditions for bullish momentum.
Technical Support and Volume Signals
From a technical perspective, $5.21 has emerged as a key support level, validated by a 1.53 million token trading surge during the 19:00 UTC recovery on July 30. Price action has since shown ascending lows from $5.21 to $5.50, indicating a structurally sound uptrend.
Resistance was encountered at $5.58, where short-term profit-taking briefly capped the rally. Still, ICP managed to close at elevated levels, with a 0.18% gain from $5.56 to $5.57 during the final hour of the session—signaling strong consolidation above previous resistance.
Sustained volume spikes throughout the move suggest institutional positioning rather than retail-driven hype.
Outlook
If ICP can break and hold above $5.58, analysts expect a near-term target of $6.10, supported by momentum from the AI tooling narrative and further token burns.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.