Internet Computer (ICP) Facing Divided Market Signals

Internet ComputerICP-2.92% Displays Conflicting Network Signals

If you hold Internet Computer (ICP), you might feel like you are looking at two totally different pictures right now.

On one hand, more people are actively using the network every day. On the other hand, the token's market price keeps slipping lower.

Over the past month, ICP's price fell by 8.29% down to around $2.78. Yet, daily new addresses jumped about 45% compared to summer levels.

This setup leaves investors weighing two opposing forces. Market analysts are currently divided on whether the chart signals a deeper breakdown or a healthy floor forming.

Network Activity Bounces Back After Summer Slump

On-chain data provided by analytics platform Santiment shows clear signs of life in the network.

Between September 22 and October 21, the median number of daily active addresses grew by about 35%. It reached 3,860 addresses, up from 2,838 recorded between July 24 and August 22.

According to the team at Santiment, October saw some notable spikes in user participation:

"The October highs are spiky. Oct 14 and Oct 21 each topped 7,400, while 16 of the month's 21 days landed between 3,100 and 4,300."

New address creation grew even faster during these same periods. The daily median count for new addresses rose roughly 45%, climbing from 481 up to 710.

While Santiment notes that activity has returned near its first-quarter range, it remains roughly half of what it was in early November 2025.

During that November peak, the network averaged about 9,500 active addresses weekly. That activity surge coincided with a 166% price gain in a single week to $7.80, sparked by the Caffeine AI launch. At the current price of $2.78, ICP sits about 64% below that peak.

Bearish Technical View: Head-and-Shoulders Pattern Signals Caution

Some technical analysts urge caution, citing bearish patterns on shorter timeframe charts.

Analyst nordin.ethETH-0.06% pointed out that ICP recently broke below the neckline of a head-and-shoulders chart pattern on the 4-hour timeframe.

"The head and shoulders is now playing out, and price is trading below the neckline. $2.40 is the potential target."

If this potential target plays out, it would represent a fall of roughly 14% from the current price. However, the analyst added that if buyers push the price back above the $2.85 neckline, the market outlook could shift back in favor of the bulls.

Bullish Technical View: Analysts See a Potential Weekly Support Floor

Other market observers take a more constructive stance, seeing the current price zone as a strong support level rather than a point of breakdown.

Crypto analyst Giannis Andreou noted that ICP seems to be forming a tentative weekly base, highlighting $2.60 to $2.80 as immediate support.

Under a positive market scenario, Andreou believes that if ICP reclaims the $3.30 to $3.60 region, it could open the door for a move toward $4.00 to $4.50, and potentially $5.00 to $6.50 over a longer horizon. Conversely, if broader market pressures mount and ICP suffers a weekly close below $2.50, the bullish setup would weaken, exposing lower support zones around $2.00 to $2.20.

Trader Nebraskangooner also flagged trendline support on October 20 when ICP was trading near $2.89. He emphasized that the token needed to bounce from that spot to protect its daily and weekly structure.

Since that post, ICP has slipped around 4%, remaining close to its lower limit support boundaries where buyers and sellers continue to battle.

Key Price Levels and Macro Headwinds Ahead

For current ICP holders and prospective buyers, the range between $2.50 on the downside and $2.85 on the upside represents the critical battleground to watch.

Macroeconomic factors are also playing a crucial role. CME FedWatch data indicates an 80.5% probability of a higher Federal Reserve interest rate target range by December 9.

Tighter monetary policy often creates headwinds for risk assets, including cryptocurrencies, which can increase market volatility.

Whether growing network participation can generate enough sustained demand to overcome macro pressures will likely determine which side of the key price range breaks first. As always, past performance of digital assets is not a guarantee of future returns. You can review historical performance data at bitkub.com/th/market/ICP.