Internet Computer (ICP) just delivered its biggest move in years, soaring an impressive 214% in a single week and snapping a long, painful downtrend. After nearly four years of steadily declining, the token finally broke out of a massive descending wedge—a pattern that often signals the start of a lasting reversal.
Currently, ICP is trading around $9.64, a significant jump from the $2–$3 range where it lingered throughout most of 2023 and early 2024. This breakout has shattered the bearish pattern that dominated the chart since ICP’s $700 peak back in 2021.
With momentum building and trading volume surging, the market’s next focus is clear: $16. This key Fibonacci level represents the first serious resistance on the way up. A clean break above this zone could pave the way toward further targets of $24 and $31—levels that historically trigger stronger momentum and renewed retail interest.
In past cycles, breakouts from patterns like this have often led to explosive follow-through, catching many late traders off guard. What sets this rally apart is its solid foundation. ICP has spent more than three years building a base, quietly accumulating strength while sentiment was at rock bottom. Now, institutional interest is starting to surface, and confidence in the project’s long-term vision is returning.
—
### ICP Derivatives Data Is Positive Amid 35% Jump in Open Interest
Futures data reveals a sharp increase in open interest, climbing alongside ICP’s explosive price surge. This rise tells a clear story: traders are piling in, and conviction behind the move is strengthening daily.
Over the past few weeks, ICP has rocketed from around $4 to nearly $10, performing one of the fastest rallies in the market this year. Open interest—which tracks the total value of active futures contracts—has soared to its highest levels in months. Typically, this kind of spike signals fresh capital entering the market and suggests traders are positioning for more upside.
Earlier in the year, similar bursts in open interest preceded quick corrections. However, this time, the setup appears steadier. The climb in both price and open interest has been gradual and supported by solid volume and real demand rather than short-term squeezes.
If this momentum continues, the next key zone lies between $16 and $18. This level may decide whether ICP cools off or pushes higher. A clean break above this range could open the door to $24—a major Fibonacci level and psychological milestone that’s probably on every trader’s radar right now.
https://bitcoinethereumnews.com/crypto/crypto-news-expert-targets-16-in-icp-price-prediction-amidst-214-breakout/