Internet Computer Soars 12.5%, Eyes $4 as Bullish Momentum Continues

Internet Computer (ICP) has been on a strong upside run, defying the market trend. After falling to $2.90 and breaching the $3 support level, ICP bounced back, defended its price, and climbed to a four-month high of $3.40.

At press time, ICP was trading around $3.30, up 12.5% on the daily charts. This uptick saw ICP flip its short-term moving averages, indicating strong pressure to the upside.

The altcoin's volume rose by 61%, and its daily turnover reached $45 million for the first time since June. These figures suggest that the market was driven by intense buying pressure.

ICP's renewed bullish momentum is attributed to the intense debate on freezing stolen funds after a recent attack on Bitget, where attackers drained over $387.5 million.

CEO Gracy Chen called on THORChain to refuse service to addresses linked to attackers, but THORChain refused, stating that its network mechanism is designed to protect the protocol as a whole and not to selectively freeze specific addresses.