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ICP price is attracting fresh attention after big wallets drastically increased their holdings this week. Fresh accumulation from major holders has brought early-cycle sentiment back online across the Internet Computer ecosystem.
Moreover, analysts now observe a possible setup in the making, while their short-term projections are split.
Whale Accumulation Strengthens ICP Price Outlook
According to blockchain data, large holder wallets holding 100,000 ICP or more have reverted to pre-pump levels. This new accumulation spike followed a significant pullback, which set up a reset in market positioning.
Furthermore, the resurgence of whale addresses indicates strong confidence among experienced entities. ICP Insider has observed that smart money tends to move before broader market confirmation.
The chart from Icterminal found a clear divergence between the large holder wallets rising and the recent price stagnation. The indicator is now around the levels reached before the November 2011 spike by the International Copper Partnership (ICP).
The pattern indicates that accumulation pressure is quietly building again. When high-balance wallets add more exposure, it often precedes directional shifts in volatile markets.
Wave Structure Suggests More Downside Risk First
MoreCryptoOnline took a more cautious view, noting that the next impulsive leg has not been confirmed. His Elliott Wave structure showed that wave C up may not have begun yet.
Instead, he sees some potential for another extension of wave (1) to the downside. Despite the recent pickup, the analyst remains a fan of the bigger picture white scenario.
Moreover, his chart had support at significant Fibonacci retracement levels. ICP price is now trading around the 61.8% and 78.6% retracement regions. A failure to hold this zone could extend the corrective structure lower.
However, if buyers hold the highlighted support band, recovery waves could begin towards the $6.20 and $7.40 resistance levels.
On-Chain Activity Signals Expanding Network Momentum
Similarly, Torvex identified the strengthening of fundamentals as a major reason for the improving market setup. Daily active addresses are up by more than 35% month-over-month, and transaction volume is at an 18-month high.
He pointed out that increased smart contract interactions indicate that real usage is accelerating. This momentum demonstrates that the developer and retail participation are growing side by side.
Furthermore, the liquidity in decentralized exchanges has been considerably lower. ICP balances on major exchanges have plunged by twenty-two percent in thirty days. Historically, low float conditions are often followed by sharp rallies.
Torvex also stated that the ICP price recovered to the $18-$19 range just recently before flipping to support. The compression structure resembles previous setups that led to significant impulsive moves.
If volume matches structure, he believed a breakout toward $22, $28, or even $35-$40 is still possible.
Supply and Demand Zones Shape Market Direction
Meanwhile, Waleed Ahmed is focused on structural supply and demand levels in the current consolidation. His chart shows an upper supply zone between $6.00 and $6.80 that has capped recent upside attempts. The lower demand block is between $4.00 and $4.60.
Notably, ICP price is currently trading directly above this green supply zone. This area has served as a base on previous retracements.
Moreover, the current structure is still constructive as long as the price holds above demand. If bulls are defending $4.60, ICP could attack the supply region again. Yet a clean breakout above $6.80 is required to confirm upward momentum.
Until then, sideways compression may continue. Ahmed believed that the gathering of patients near demand is still typical behavior during early cycle consolidation.
