Internet Computer (ICP) reversed , succumbing to selling pressure that drove the token down to $5.43.

ICP appeared to be in a steady consolidation pattern between $5.65 and $5.67 before a rally propelled the token to its $5.75 peak. However, the momentum faded as sellers stepped in heavily after 11:00 UTC. Trading volume surged to 965,595 units — almost double the daily average of 487,064 — as distribution intensified around the $5.61 resistance zone, indicating profit-taking and institutional selling, according to CoinDesk Research's technical analysis data model.

Buyers then defended the $5.44 support level, triggering a rebound from $5.46 to $5.54. The climb was fueled by a volume spike to over 75,000 units between 13:41 and 13:48, more than quadrupling the hourly average and pointing to potential institutional accumulation after the sell-off.

Despite the recovery, ICP remains in the red at the time of writing. Still, the strong defense of key support levels and the breakout through short-term resistance zones hint at resilience, leaving the door open for bullish follow-through if buying pressure persists.

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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