Internet Computer Defies Crypto Carnage, Eyes $10 Target

Trying to spot a leading cryptocurrency whose price remains in green territory on a weekly scale is no small feat given the major collapse the broader market has experienced over the past several days. Internet Computer ($ICP) is one of the few gainers — a rare green shoot in a forest of red candles — while certain analysts believe its valuation could reach much higher levels soon.

Despite Bitcoin's 11% weekly plunge and Ethereum's 10% drop, $ICP is up 3% over the same period and currently trades just north of $3. Its market capitalization has risen to almost $1.7 billion, making it the 53rd-largest cryptocurrency.

Among the main reasons for the ascent is progress within the Internet Computer ecosystem. The popular X account BSCN revealed that the protocol has processed 7.2 million transactions in the last month, more than any other chain. Solana comes in second with less than 3 million.

$ICP's positive performance has drawn the attention of traders and analysts, prompting the usual wave of optimistic predictions. X user Crypto Tony, for instance, argued that a reclaim of $3.15 could open the door to a long position up to $3.50 and $4, "while we hold above." JAVON MARKS noted $ICP's cross above $3, seeing a potential for a 220% explosion towards $10. Such a rise wouldn't be unprecedented for the asset, since in its early days it briefly hovered beyond $400.

Prior to that, X user Nehal also gave their two cents. The analyst observed $ICP's price trajectory to estimate that a confirmed breakout above the descending resistance around $4.50-$5 could trigger a substantial rally toward $8-$12, with $16+ possible if momentum accelerates. "Rejection at resistance could send price back toward the $2-$2.50 support zone," they added.

Abandoning Exchanges

The recent shift from centralized trading venues toward self-custody methods reinforces the bullish forecasts mentioned above. According to CoinGlass, exchange outflows have outpaced inflows in recent days, indicating that investors are in no rush to sell their holdings. $ICP Exchange Netflow, Source: CoinGlass

Meanwhile, $ICP's Relative Strength Index (RSI) remains in neutral territory but has been gradually nearing overbought levels, which usually precede a price correction. The technical analysis tool measures the speed and magnitude of recent price changes, with values ranging from 0 to 100. Ratios above 70 signal that a correction could be on the way, while anything below 30 is considered a buying opportunity. As of press time, $ICP's RSI stands at around 62. $ICP RSI, Source: CryptoWaves