Institutional selling pressures Internet Computer amid rising volumes
The price of Internet Computer (ICP/USDT) has seen a sharp decline in the past 24 hours, losing nearly 7% and slipping below the critical $5.48 support level. The move came with a noticeable spike in trading volumes, nearly doubling compared to recent sessions, a sign that institutional investors may be exiting positions.
After consolidating above $5.48 for several weeks, ICP faced heavy selling pressure and broke through this key support zone. The breakdown has pushed the token toward the $5.20–$5.25 range, where it is currently attempting to stabilize.
“The break below $5.48 is a major signal of weakness,”According to BITX analyst . “This was a strong support level that had held for weeks. The fact that it collapsed on higher volume suggests that large players are unwinding positions.”
The chart shows that the next potential demand area lies near $4.90–$5.00, marked by the green zone where buying activity previously emerged. If ICP fails to recover above the broken support, the decline could extend toward these levels.
Market sentiment and resistance zones
On the upside, immediate resistance now sits near the $5.50–$5.60 range, the same zone that flipped from support into resistance after the breakdown. Any attempt to reclaim this area could face selling pressure unless buying momentum returns strongly.
The sharp 7% drop and the loss of the $5.48 support highlight the vulnerability of ICP in the current market environment. With volumes nearly doubling during the selloff, the data suggests institutional selling played a major role. Unless buyers step in quickly, ICP could retest lower demand zones around $5.00, making the next few sessions critical for the token’s short-term outlook.
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.