Internet Computer price (ICP) surges strongly, bulls aiming for the $5 mark

Internet Computer (ICP) is trading steadily above the $4.30 level on Friday, recording an impressive increase of over 40% since the beginning of the week. The upward momentum is driven not only by positive market sentiment but also supported by on-chain metrics and derivative data showing clear improvement. From a technical perspective, many signals favor the continuation of the bullish trend, with bulls expected to target higher levels, surpassing the $5 mark in the near future.

ICP Trading Volume Reaches Nearly Two-Month High

Data from Santiment shows that the trading volume of the ICP ecosystem — including the total value of transactions from all on-chain trading applications — surged to $583.84 million on Wednesday and remained around $475.64 million on Friday, the highest since late November. This liquidity explosion indicates growing market interest in ICP, further fueling the bullish trend.

Source: SantimentAt the same time, charts from CryptoQuant reinforce the positive scenario as both the spot market and ICP futures contracts show large buy orders from whales. This signals that significant capital is entering the market, suggesting that the current upward momentum still has room to continue.

Source: CryptoQuant ## Derivative Data Supports Bullish Trend

According to data from CoinGlass, the open interest (OI) of Internet Computer (ICP) futures contracts on exchanges increased sharply to $213.71 million on Thursday — the highest since 11/19. The rising OI indicates that new capital is actively flowing into the market, reflecting the emergence of new buying pressure, which could further support ICP’s current upward trend.

Source: CoinGlassMeanwhile, the Long/Short ratio of ICP reached 1.02 on Friday. This ratio exceeding 1 indicates that market sentiment is leaning bullish, as most traders believe and bet on the price of ICP continuing to rise in the near term.

Source: CoinGlass## Internet Computer Price Forecast: Bulls Target Over $5

The price of Internet Computer (ICP) surged more than 16% on Tuesday, closing firmly above the 50-day exponential moving average (EMA) at $3.54. The rally continued the next day, with ICP climbing an additional 25%, approaching the 200-day EMA around $4.40, and remaining in a consolidation phase in this area until the end of Thursday. As of Friday, ICP is trading around $4.39.

In a positive scenario, if the price can decisively close above the 200-day EMA at $4.40, the bullish trend is likely to be reinforced, opening the way toward the key psychological level of $5. Successfully breaking this level could further push ICP toward the next resistance zone at $5.42.

Daily ICP/USDT Chart | Source: TradingView Technical indicators are aligned in support of the uptrend. The Relative Strength Index (RSI) is currently at 69 and continues to rise, approaching the overbought zone at 70 — a sign that the buying momentum remains strong. Meanwhile, the MACD indicator has confirmed a bullish crossover, with green histogram bars expanding above the neutral line, further strengthening the positive outlook for the price.

However, investors should also be cautious of a short-term correction scenario. If profit-taking pressure increases, ICP could reverse and test the key support zone around the 50-day EMA at $3.54.

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