ICP Drops 5% as Crypto Market Rotates, Resistance Holds

Internet Computer (ICP) recorded a 5.35% pullback over the last 24 hours, dropping from $6.01 to $5.69 as weakness set in among the broader altcoin market. ICP struggled to maintain bullish momentum, encountering firm resistance in the $6.00–$6.10 zone that had capped multiple breakout attempts.

The sharpest decline came during the 13:00 UTC hour on Thursday, when ICP slid to $5.62 from $5.97 in just a few minutes, driven by an outsized surge in trading volume. Total daily turnover reached 2.58 million tokens — nearly four times the 24-hour average — underscoring institutional-scale distribution pressure, according to CoinDesk Research's technical analysis data model.

The broader market showed similar dynamics, with altcoins such as SOL, AVAX and ADA pulling back amid profit-taking and regulatory developments. Analysts characterized the retracement as a healthy rotation following President Donald Trump-related rallies and renewed attention to stablecoin legislation. Despite individual bullish catalysts, many tokens failed to sustain upside traction, with traders reallocating capital and defending key support zones.

Technical Analysis

• ICP dropped 5.35% from $6.01 to $5.69 between July 22 and July 23.
• Intraday high of $6.14 and low of $5.62 established a volatile $0.52 range (8.4% spread).
• Price fell to $5.62 from $5.97 at 13:00 UTC on July 23 amid 2.58 million token volume.
• Volume during capitulation exceeded 100K per minute, nearly 4× daily average of 650K.
• Resistance confirmed at $6.00–$6.10 with multiple failed breakout attempts.
• Critical support formed at $5.62 after heavy selloff during 13:40–13:51 UTC window.
• Market struggled to reclaim $5.83, with persistent selling on minor rebounds.

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.

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