Internet Computer Protocol (ICP) suffered a sharp 7 % decline in the past 24 hours, falling from $5.67 to $5.27. The breach of the critical support level at $5.48, combined with near doubling of trading volume, points to heavy institutional selling. Short-lived rebounds failed to sustain momentum, reflecting increasing bearish sentiment around this altcoin.
Institutional Sells Drive Down Price
Technical data shows ICP dropped below its long-held $5.48 support level, sinking to a low of $5.27. Over 708,900 tokens were traded—almost double the 24-hour average of 386,248—suggesting that large holders or treasury desks initiated coordinated sell-offs.
Failed Attempts to Hold Ground
Although there were attempts to rally back, ICP saw only a brief bounce to around $5.29 before falling again. This inability to reclaim support highlights waning confidence among institutional actors in the token’s short-term stability.
Risk-Off Ramifications Across Crypto
Broader market downturns, fueled by unexpectedly high inflation data, have spilled into risk-sensitive altcoins like ICP. As traders pulled back from speculative assets, ICP bore the brunt of the risk-off sentiment, suffering from weakened liquidity and selling pressure.
Risk-Off Ramifications Across Crypto
Broader market downturns, fueled by unexpectedly high inflation data, have spilled into risk-sensitive altcoins like ICP. As traders pulled back from speculative assets, ICP bore the brunt of the risk-off sentiment, suffering from weakened liquidity and selling pressure.
