ICP price has been stagnant near its 2026 lows, hovering around $2.39. Despite the broader crypto market recovery, ICP has not shown much movement, staying below its weekly 20-EMA and maintaining a bearish trend.
To see a significant shift in the trend, the price needs to break above $2.85. Until that happens, it’s premature to call the current movement a trend reversal. If the price manages to surpass $2.85, the next target would be the weekly 50-EMA around $3.15. Further upside potential could see the price reaching $6.29, representing a 171% increase, and even $9.84, marking a 315% move in alignment with the weekly 200-EMA. However, all of this is contingent on demand picking up.
Underneath the surface, address data reveals interesting patterns. Smaller holders are accumulating ICP, while larger holders are showing mixed signals. Some cohorts are reducing their exposure, indicating selling pressure, while others are accumulating again. This tug-of-war between different holder groups is contributing to the lack of strong response in ICP’s price despite improved market sentiment.
For ICP’s price to break out of its current range, a strong catalyst is needed to tip the balance decisively. Until then, $2.85 remains a critical level separating a potential bullish reversal from another failed recovery. A rejection could see the price vulnerable again at $2.01.
Overall, the market dynamics suggest that larger holders could play a crucial role in determining ICP’s next move. It will be interesting to see how these conflicting signals resolve and whether a clear direction emerges in the near future.