ICP Pulls Back From $5.75 Peak as Whales Dump Holdings – What’s Next?
ICP's rally hits a wall as profit-taking erupts. The crypto darling—which had been flirting with its yearly highs—got smacked with a brutal rejection at $5.75. Now traders are scrambling to interpret the sell-off.
Heavy Distribution Strikes
On-chain data shows clusters of large wallets unloading ICP near resistance. Classic bull trap behavior—retail FOMO meets institutional exit strategy. The token now faces critical support at $5.20, a level that could determine whether this is a healthy pullback or the start of something uglier.
Market watchers note the irony: ICP’s decentralized ethos hasn’t stopped centralized-style pump-and-dump action. Just another day in crypto’s casino economy—where the house always wins, even when it claims there isn’t one.
Technical Analysis
- Price range spanned $0.31, marking a 5% spread between $5.75 high and $5.43 low.
- Sideways consolidation at $5.65–$5.67 preceded the breakout to $5.75.
- Post-peak reversal accelerated after 11:00 UTC, led by heavy selling.
- Volume spike to 965,595 units dwarfed 487,064 daily average.
- Resistance formed at $5.61 during peak selling activity.
- Support held firm at $5.44 before rebound began.
- Recovery pushed through $5.47 and $5.52 resistance zones.
- Volume reached 75,000 units, topping 18,500 hourly average.
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