Internet Computer (ICP) recorded a 5.35% pullback over the last 24 hours, 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 , 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.

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