ICP Pulls Back From $5.75 Peak as Whales Dump Holdings – What’s Next?

Internet Computer (ICP) hit turbulence after failing to hold its $5.75 high—now traders brace for volatility as heavy distribution kicks in.

Whales are cashing out. The decentralized computing token slid back from its recent peak, sparking fears of a deeper retracement. Was this just profit-taking, or a sign of fading momentum?

Market skeptics roll their eyes—another 'web3 revolution' token taking a dive while VCs quietly exit. But for bulls, this dip might just be the reload before the next leg up.

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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