ICP Price Rally Threatened by Rising Selling Pressure

Internet Computer (ICP) has seen a 14% price rally, driven by increasing stablecoin liquidity and blockchain fees. According to DeFiLlama, stablecoin liquidity surged 10% in the last seven days, reaching $3.98 million as of writing.

This growth in stablecoins indicates more capital is flowing into the chain, boosting utility for its native token, ICP. Additionally, blockchain fees have reached a high of $9,210, one of the highest levels it has traded at in months.

However, off-chain activity suggests sellers are stepping in, with the Open Interest-Weighted Funding Rate turning negative on CoinGlass. This metric measures capital in the perpetual market relative to long or short positions and can indicate a shift towards selling pressure.