The leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), experienced substantial volatility over the past week, ultimately posting minor gains.
ICP – the utility token of Internet Computer – outperformed all top 10 digital assets within that period, and some believe it could be gearing up for a much more substantial rally.
The Next Potential Targets
Earlier today (August 11), the asset’s price soared to almost $2.40, the highest level since mid-June. It later retraced to the current $2.28 (per CoinGecko), representing a 10% weekly increase.
It remains unclear what exactly caused the resurgence. One possible catalyst could be the fact that Internet Computer is close to reaching the massive target of 300 billion processed transactions. According to the X account BSCN, the number has risen to roughly 298 billion since launch.
“To give some context, Solana (a network known for its scalability) has generated a cumulative total of 121 billion transactions – still extremely impressive, but not even close to Internet Computer’s figure,” the entity added.
Following the latest revival, crypto X is full of analysts envisioning further gains. Clifton Fx argued that ICP is getting ready for a 100-150% “massive bullish rally,” while CW thinks the asset has reached the sell wall zone, which ranges between approximately $2.35 and $2.45. In their view, breaking above would open the door to a rise to $3.
Crypto With Gopal also chipped in, claiming that ICP has printed a falling wedge formation on its price chart. He believes “a clean breakout” above $3.50-$4 could trigger a strong expansion move to as high as $7.
Still Light-Years From the Record
Despite the recent move north, ICP remains nearly 99.7% down from the historic peak of around $700 witnessed in the spring of 2021. Back then, its market capitalization briefly surpassed $18 billion, while as of now the figure stands at less than $1.3 billion. This makes ICP the 56th-biggest cryptocurrency.
Not long ago, X user Cryptorphic envisioned a potential slump to $1.67 if $2.10-$2.12 turns into resistance, whereas Crypto Patel forecasted a possible crash to $0.50 should the psychological level of $2 fail to hold. Given the ongoing bear market, a fall that deep is still on the table, so traders and investors should remain cautious.
Source: CryptoPotato
