ICP Slides Over 5% as Altcoin Pullback Trumps Bitcoin DeFi Developments
Internet Computer (ICP) faced renewed selling pressure on Wednesday, shedding 5.35% over the past 24 hours as broader weakness in the altcoin market overshadowed positive momentum tied to Bitcoin DeFi infrastructure.
ICP fell from $6.01 to a session low of $5.62 before settling around $5.69. The decline intensified during the 13:00 UTC hour, when ICP dropped sharply on heavy volume, with total daily turnover surging to 2.58 million tokens — nearly four times the daily average — according to CoinDesk Research data. The move was widely interpreted as institutional-scale profit-taking amid risk-off sentiment.
Despite a recent attempt to retest the $6.00–$6.10 resistance zone, the token failed to maintain upside traction, with multiple rejection points highlighting persistent overhead pressure.
The pullback comes as altcoins broadly retreat following a wave of profit-taking sparked by recent rallies linked to political developments and speculation around upcoming U.S. stablecoin legislation. Tokens such as SOL, AVAX, and ADA saw similar reversals, suggesting sector-wide capital rotation and liquidity tightening.
Technical Breakdown:
- Price movement: ICP fell 5.35%, from $6.01 to $5.69
- Range: Daily high of $6.14; low of $5.62 (8.4% spread)
- Volume spike: 2.58M tokens traded, with capitulation volume hitting 100K+ per minute
- Resistance: $6.00–$6.10 remains a strong barrier
- Support: Short-term floor set at $5.62 during peak selling
- Rebound attempts: Weak bounce to $5.83 met by renewed selling pressure
While long-term fundamentals remain intact, short-term momentum has clearly shifted, with ICP now eyeing support levels for stabilization. Analysts suggest caution in the near term as altcoins continue to digest recent gains.
