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2 months ago
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Institutional interest emerges after sharp intraday swings send ICP down to multi-week lows.
Aug 12, 2025, 3:42 p.m.
Internet Computer Protocol (ICP) endured a volatile 24 hours of trading, swinging between $5.29 and $5.63, a 5% intraday range that highlighted both selling pressure and opportunistic accumulation, CoinDesk Research's technical analysis data model shows.
The token fell as low as $5.29, establishing a key support zone between $5.32 and $5.35, where market data shows notable spikes in volume, a pattern often associated with institutional entry points.
After bottoming out, ICP staged a decisive reversal beginning around 12:00 UTC, when trading volume surged to 976,480 units, nearly double the daily average. This push propelled prices from $5.37 to $5.52, reclaiming technical ground lost earlier in the session.
Still, resistance near $5.63 capped upside momentum. ICP briefly dipped back to $5.43 early in the U.S. morning as sellers re-emerged, breaking minor support at $5.48 before buyers managed to hold the $5.44 area.
Technical Analysis
- Range: $5.29–$5.63 over the 23-hour period, a 5% spread.
- Support Zone: $5.32–$5.35 showed repeated buying interest.
- Resistance: $5.63 capped upside attempts.
- Volume Spike: 976,480 units traded at 12:00 UTC, nearly double the daily average.
- Breakdown Point: Loss of $5.48 support triggered a brief late-session dip.
- Recovery Phase: $5.37 to $5.52 surge on high volume marked institutional buying.
- Late Selling: Dip from $5.45 to $5.43 as resistance held.
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.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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