ICP Traders Accumulate 503M Tokens Amid Potential Breakout

Internet Computer [ICP] has been trading in a consolidation pattern since mid-June, with prices hovering around $2.17. However, analysts point to a potential breakout as the altcoin's price action hints at increasing volatility.

The current triangle pattern shows ICP's price contraction at its apex, indicating low volatility. This usually precedes high volatility, which could lead to a breakout above the slanting resistance line from $2.50 to $2.20.

A breakdown of the chart reveals that transactions of over 10K ICP on Binance have been increasing since July 15th. Moreover, more than 503 million ICP tokens have been aggressively accumulated in the past two weeks.