What you need to know:
- ICP fell 1.52% over the past 24 hours as trading volume weakened.
- Volume fell by more than 20%, indicating reduced demand in the near term.
- The daily chart shows early structural stabilization above key support.
- The launch of Swiss Subnet strengthens ICP’s long-term institutional story.
The Internet Computer (ICP) continued its short-term downward trend on Wednesday, falling 1.52% over the past 24 hours as slowing trading volumes indicated weakening market demand.
The decline comes despite a cautious market mood that remains risk-averse due to the continued development of infrastructure in the ICP market.
Currently, ICP is trading at $3.65, with 24-hour volume down 20.55% to around $161.19 million, according to CoinMarketCap. Its market cap is almost $2 billion, down 1.94% for the day.
The combined price and volume decline indicates a lack of buyer interest, which is due to the bearish effect.
Also read: ICP break above resistance could reach a price high of $14
ICP Daily Chart shows early structural stabilization
However, despite the continued pullback, ICP’s overall price action is starting to show signs of initial stabilization. According to crypto analyst NehalOn the daily chart, the price movement indicates the end of a corrective wave after an initial impulsive recovery.
The area around $2.95-$3.00 has consistently acted as a demand level as buyers have consistently supported this area during recent corrections.
Technical analysis improved after ICP broke above a trendline, indicating that the patience of a bearish market may be coming to an end. The current price is currently between $3.6 and $4.1, which was a resistance area but is currently turning into a support area.
Volume profile analysis indicates strong acceptance within the current range, but low volumes on the other hand indicate that any actual move will trigger faster moves.
These levels remain technically constructive as long as the ICP remains above the $2.95 support level. However, any upward predictions at this time are purely speculative and subject to market conditions.
With prices ranging from $2.95 to $5.78, there appears to be a potential upside of 94%. The levels to reach are $4.11, $5.78, the area between $6.50 and $7.02, and the round number of $8.00. The first level to overcome is $5.78. The bull scenario only remains valid if prices remain above $2.95.
Swiss subnet strengthens the institutional adoption story
While price action remains under pressure in the short term, Internet Computer’s long-term fundamentals continue to evolve. At the World Economic Forum in Davos, DFINITY founder Dominic Williams announced the launch of the Swiss subnet, the first national subnet live on the Internet computer network.
The Swiss subnet allows organizations to host their applications while keeping their sensitive data within the jurisdiction of the Swiss. The Swiss subnet is fueled by autonomous Swiss infrastructure and managed by thirteen independent node providers.
The subnet avoids the use of centralized clouds such as Amazon and Google. The subnet design emphasizes data sovereignty, neutrality, and GDPR compliance.
This development strengthens ICP’s position as a Web3 infrastructure layer worthy of the governmental, institutional and regulated space.
While the price action may not be immediate, the Swiss subnet certainly lends some weight to ICP’s institutional underwriting argument at a time when compliance and having a clear jurisdiction are becoming increasingly important.
Why this matters
A corresponding drop in trading volume, coupled with falling prices, indicates a lack of speculative enthusiasm, and thus the above-mentioned support levels become even more important in determining the future market trend.
The launch of the Swiss Subnet highlights the growing attractiveness of ICP for regulated and institutional use, which could impact long-term market valuation.
Also Read: Internet Computer (ICP) Poised to Rise: Key Price Targets $4-$17.50
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