ICP Token Rises by 6%, Traders Eye Potential Breakout and 200% Rally

The Internet Computer (ICP) token is defying the broader crypto market downturn, surging by approximately 6% in the past 24 hours to around $2.52.

This unexpected move has piqued traders' interest, with several analysts suggesting that ICP's weekly chart may be setting the stage for a larger reversal after years of consolidation near its cycle lows.

Analyst SkyV points out that assets which spend an extended period consolidating around their lows can sometimes produce aggressive moves once long-term resistance finally gives way. In this case, ICP has been trapped beneath a major descending trendline extending from its 2024 highs, but is now pressing against it.

If ICP successfully breaks through the trendline and holds above it, it could mark a significant change in the multi-year downtrend, potentially leading to a rally of close to 200% to $7.20 or even more ambitious targets like $12.