In the last 24 hours, Internet Computer (ICP) has seen a significant jump, rising by more than 10%. This sudden increase in value has caught the attention of many in the crypto space. Let’s take a closer look at what might be driving this surge and what it could mean for the future of ICP in this Internet computer price prediction article.

How has the Internet Computer (ICP) Price Moved Recently?

ICP/USD Daily chart- TradingView

The current price of Internet Computer (ICP) is $8.51, with a 24-hour trading volume of $333.36 million, a market cap of $4 billion, and a market dominance of 0.20%. Over the past 24 hours, ICP has seen a price increase of 10.30%.

Internet Computer hit its all-time high of $497.71 on May 10, 2021. Its lowest recorded price was on September 22, 2023, when it dropped to $2.86. The lowest price since its all-time high was $2.86, while the highest price since that cycle low reached $20.75. The market sentiment for ICP is currently bullish, and the Fear & Greed Index shows a reading of 37 (Fear).

ICP has a circulating supply of 469.89 million out of a maximum supply of 488.51 million. The yearly inflation rate stands at 5.89%, with 26.13 million ICP tokens created over the past year.

Why Is Internet Computer (ICP) Price Up?

Image Source: CoinGlass

The recent price surge of Internet Computer (ICP) can be attributed to several positive on-chain metrics that reflect strong market sentiment. Notably, the ICP Long/Short ratio currently stands at +1.019, signaling a bullish outlook among traders.

This suggests that there are more long positions being held compared to short positions, indicating confidence in further price increases. Additionally, the 21% rise in futures open interest over the past 24 hours reveals that more investors are building futures-long positions, anticipating potential price gains.

The steady increase in open interest supports the idea that traders are actively positioning themselves for upward movement. A positive long/short ratio combined with rising open interest is often seen as a buying opportunity, signaling that market participants expect ICP’s price to continue climbing in the short term. If this trend persists, we could see further growth in ICP’s value as bullish momentum builds.

How high can Internet Computer (ICP) Price go?

Internet Computer (ICP) has shown remarkable performance, increasing by 182% over the past year, significantly outperforming 79% of the top 100 crypto assets, as well as Bitcoin and Ethereum. This strong price momentum, along with ICP’s 57% of green trading days in the last month, suggests solid buying interest and bullish sentiment.

Despite being down 98% from its all-time high of $497.71, ICP has demonstrated resilience, particularly with its positive price performance compared to its token sale price. This indicates that investors who got in early are still seeing value in the asset, reinforcing its long-term growth potential.

However, ICP is still trading below its 200-day simple moving average, which could indicate a consolidation phase before another potential breakout. Coupled with the rising futures open interest and a positive long/short ratio, the current market conditions favor a bullish continuation.

With its high liquidity based on market cap and a moderate yearly inflation rate of 5.89%, ICP has the potential to recover further, but breaking through key resistance levels will be critical.

In the short term, if the positive momentum continues, ICP could target $20–$25 as a near-term goal, aligning with its last cycle high. However, for it to reach much higher levels, sustained market confidence and bullish on-chain metrics will be essential.

If the broader crypto market sees another rally, ICP could climb further, but recovering fully from its 98% drawdown would require significant bullish pressure and improved macro conditions.