ICP Falls Nearly 25% Following Surge to Over $6.50

Core Insights - Internet Computer (ICP) experienced a significant pullback from its recent rally, trading just below $5 after reaching a peak of over $6.50, marking a nearly 25% decline from Tuesday's high [1] - The trading activity was notably intense, with 20.48 million tokens exchanged, representing approximately 418% above the average trading volume [2] - Despite the recent reversal, ICP's strength is notable in the context of a broader crypto market pullback, with continued institutional interest reflected in elevated trading volumes [3] Technical Analysis - The current technical setup indicates that ICP is stabilizing above a support level of $4.80, which has attracted buyers in recent sessions [4] - Resistance levels are identified between $5.20 and $5.40, where previous rallies faced selling pressure; a sustained push above this zone could signal a return to bullish momentum [4] - Failure to maintain support at $4.77–$4.80 could lead to a deeper correction towards the $4.50 range [4]