Internet Computer (ICP) Price Suffered One of the Most Devastating Dips, But This Level Changes Everything

ICP is in a place most assets never return from. After crashing from triple-digit highs to just $2.43, Internet Computer has gone through one of the most brutal drawdowns in crypto. But something interesting is happening beneath the surface.

A new proposal to burn 20% of network revenue has injected fresh optimism. Whales have been stepping in around $2.40, helping push the ICP price to a recent three-week high.

On top of that, development activity tied to AI integrations hasn’t slowed, even with the broader market on shaky footing. Sentiment may still be fragile. The chart, however, is starting to tell a more constructive story.

The Multi-Year Base Is Still Holding

Looking at the monthly chart shared by OfficialR4, the ICP price has been compressing inside a demand zone that’s been in place since 2022. This gray accumulation range has absorbed wave after wave of selling. After the massive collapse from all-time highs, price has essentially been building a base for years.

Source: X/@OfficialR4_ID

What stands out now is the descending wedge pressing down on that base. Lower highs are still there, but the pace of decline has slowed. The 50-month moving average is beginning to flatten, which often happens when a long downtrend starts running out of steam.

Every rally attempt has been capped by descending resistance, yet sellers haven’t managed to break the multi-year floor. That creates pressure. And when price compresses like this for long enough, the eventual move tends to be decisive.

The ICP Price Level That Matters

There’s one price that stands above everything else: $7.30. That level has acted as a heavy supply before. Each time the ICP price approached it in the past, sellers stepped in aggressively. 

Right now, it sits above the compression structure and represents the line between long-term recovery and continued consolidation. As long as the ICP price stays below $7.3, the broader structure remains in repair mode. But a confirmed monthly close above that level would break the descending wedge and change the entire picture.

From there, Fibonacci extensions point toward $32.5, then $45.2, and even $51.9. From current levels, that’s roughly 13x to 21x upside. These aren’t random targets, they’re based on historical expansion ratios mapped onto the current base. Still, none of those projections matter unless $7.3 is reclaimed. Until that happens, they remain potential, not confirmation.

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Fundamentals Are Starting to Line Up

The technical setup isn’t standing alone. The proposed 20% revenue burn introduces a real deflationary angle that could tighten supply over time. Whale accumulation around $2.40 suggests larger players see value near long-term demand. That lines up neatly with the base visible on the monthly chart.

Development tied to AI infrastructure also continues at a steady pace. Even in a weak macro environment, builders haven’t disappeared. For a project that many once wrote off, that consistency matters. The ICP price is no longer in freefall. It’s compressing above multi-year support, with momentum stabilizing and resistance clearly defined.

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So What’s Next for ICP

Right now, the ICP price is stuck between exhaustion and confirmation. If it keeps coiling inside the wedge and finally breaks above $7.3 with strong volume, that would mark a structural reversal after years of decline. The expansion targets would suddenly come into focus.

If $7.3 rejects price again, the base remains unfinished and consolidation likely continues. At this stage, the setup is clear. The floor has held for years. The resistance is obvious. And $7.3 stands as the gate between prolonged stagnation and a potential breakout phase.

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