ICP Price Looking Up With Rising On-Chain Activity

The daily active addresses on the ICP blockchain saw an upswing, culminating in an ATH recently. This uptrend in ICP crypto user engagement began in early October.

It has shown consistent growth, highlighting a surge in network utilization and adoption.

The specific metrics indicated that active addresses reached 1.5 million, marking a significant milestone compared to the 900,000 active addresses at the start of October 2024.

This increase in active addresses corresponded with enhanced market confidence and investor interest, potentially leading to a rise in the blockchain’s valuation.

If this positive trend in user engagement continues, ICP price could experience sustained growth and further consolidate its position in the market.

On the flip side, a drop in active addresses could negatively impact the blockchain’s performance.

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Whale Battle, Number of Transfers and Mindshare

Further analysis showed that smaller whales (10k-100k ICP) held a supply peak of 406,300,000 ICP, while large whales (+100k ICP) peaked at 844,000,000 ICP.

By January 2025, smaller whales had decreased to 399,000,000 ICP, contrasting with large whales’ slight reduction to 824,725,487 ICP.

This indicated large whales maintained more stability in their holdings, suggesting confidence in ICP’s long-term value.

Smaller whales, showing more volatility, might be more reactive to market conditions.

This disparity could imply that large whales are positioning for future gains, potentially stabilizing ICP crypto’s market, while smaller whales might be more speculative, affecting short-term price fluctuations.

Also ICP saw a surge in daily transfers, reaching an all-time high of 96,000. This growth indicated a 20% increase in user count over the past year, with the blockchain’s profitability rising by 15%.

Demand for computation increased by 30%, while the number of active users grew by 25%. Developer engagement also saw a 40% increase.

These trends suggest a strengthening ecosystem for ICP, likely boosting its value and adoption.

ICP Price Action and Prediction

ICP/USDT pair was culminating in a recent downward trend after a resistance near the $20.96 level multiple times, forming a ceiling that the asset struggled to breach.

The support zone around $8.50 were tested frequently, indicating a potential floor where buyers consistently step in.

In late January 2025, the price action suggested an approaching reversal, as the convergence in the MACD and a slight upturn in trading volume showed.

Historically, when the price of ICP crypto neared this support level, a rebound often followed, hinting at an underlying buying interest at these prices.

The current pattern mirrors this behavior, and the crypto is trading at $9.20 at the time of writing, reflecting an 8.77% rise.

If ICP can stay above $7.00 resistance-turned-support level, an uptrend towards $10.00 could be plausible.

Conversely, failure to hold the support might see the price retract further to the lower bound below $6.90, potentially testing new lows if the selling pressure intensifies.

This scenario indicated the critical juncture at which ICP price currently stands, with its future trajectory hinging significantly on its ability to sustain above key support levels.