Internet Computer Tests 2024 Trendline After 60.4% Rally
ICP traded near $3.20 after rising 7.1% in 24 hours, with a monthly close above the trendline potentially marking a shift in its long-term chart.
Internet Computer (ICP) has gained 60.4% in just under two months and is testing a trendline that has been tested three times since 2024, putting the token near a potential long-term chart breakout.
ICP rose 7.1% over the past 24 hours as of Sept. 25, while open interest increased 8.4%. The token traded near $3.20, around its late-May highs, after moving above resistance near $2.40 and $2.62.
A monthly close above the trendline would mark the first such close in nearly three years. Five days remained before the monthly close at the time of the market update.
A daily close above $3.23 would support continued bullish momentum in the chart structure. A retreat could bring ICP back toward the $2.61–$2.75 range.
Market positioning remained mixed. Spot cumulative volume delta had not recovered alongside the price advance, while the funding rate was negative. Funding rates reflect the payments exchanged between traders holding long and short derivatives positions; a negative reading can indicate that short positioning is more prevalent.
That combination of rising prices and bearish derivatives positioning could set up a short squeeze if the advance continues. A short squeeze occurs when traders holding bearish positions close them as prices rise, adding buying pressure.
Despite the recent gains, ICP remains in a longer-term downtrend. The token was 99.58% below its $750 all-time high, and its market capitalization stood at about $1.77 billion.
Earlier coverage documented ICP’s move to $3.17 on Sept. 24, when the token gained 8.56% in four hours. The next major technical milestone is the monthly close above or below the trendline, followed by the daily close near $3.23.
