thecoinrepublic.com
The daily active addresses on the $ICP blockchain saw an upswing, culminating in an ATH recently. This uptrend in $ICP crypto user engagement began in early October.
It has shown consistent growth, highlighting a surge in network utilization and adoption.
The specific metrics indicated that active addresses reached 1.5 million, marking a significant milestone compared to the 900,000 active addresses at the start of October 2024.
This increase in active addresses corresponded with enhanced market confidence and investor interest, potentially leading to a rise in the blockchain’s valuation.
If this positive trend in user engagement continues, $ICP price could experience sustained growth and further consolidate its position in the market.
On the flip side, a drop in active addresses could negatively impact the blockchain’s performance.
Whale Battle, Number of Transfers and Mindshare
Further analysis showed that smaller whales (10k-100k $ICP) held a supply peak of 406,300,000 $ICP, while large whales (+100k $ICP) peaked at 844,000,000 $ICP.
By January 2025, smaller whales had decreased to 399,000,000 $ICP, contrasting with large whales’ slight reduction to 824,725,487 $ICP.
This indicated large whales maintained more stability in their holdings, suggesting confidence in $ICP’s long-term value.
Smaller whales, showing more volatility, might be more reactive to market conditions.
This disparity could imply that large whales are positioning for future gains, potentially stabilizing $ICP crypto’s market, while smaller whales might be more speculative, affecting short-term price fluctuations.
Also $ICP saw a surge in daily transfers, reaching an all-time high of 96,000. This growth indicated a 20% increase in user count over the past year, with the blockchain’s profitability rising by 15%.
Demand for computation increased by 30%, while the number of active users grew by 25%. Developer engagement also saw a 40% increase.
These trends suggest a strengthening ecosystem for $ICP, likely boosting its value and adoption.
$ICP Price Action and Prediction
$ICP/$USDT pair was culminating in a recent downward trend after a resistance near the $20.96 level multiple times, forming a ceiling that the asset struggled to breach.
The support zone around $8.50 were tested frequently, indicating a potential floor where buyers consistently step in.
In late January 2025, the price action suggested an approaching reversal, as the convergence in the MACD and a slight upturn in trading volume showed.
Historically, when the price of $ICP crypto neared this support level, a rebound often followed, hinting at an underlying buying interest at these prices.
The current pattern mirrors this behavior, and the crypto is trading at $9.20 at the time of writing, reflecting an 8.77% rise.
If $ICP can stay above $7.00 resistance-turned-support level, an uptrend towards $10.00 could be plausible.
Conversely, failure to hold the support might see the price retract further to the lower bound below $6.90, potentially testing new lows if the selling pressure intensifies.
This scenario indicated the critical juncture at which $ICP price currently stands, with its future trajectory hinging significantly on its ability to sustain above key support levels.