Internet Computer ICP Price Prediction: Nearly 70% Increase in a Day, Targeting $10

Decentralized computing platform Internet Computer (ICP) successfully broke through the long-standing downtrend line on the daily chart since the beginning of the year, with short-term gains reaching up to 70%. Driven by positive news of Dfinity Foundation launching the multimodal AI platform Caffeine, ICP’s technical outlook has significantly strengthened. Market analysts expect that if the current momentum continues, the price could surge to $10 in the coming weeks. Meanwhile, on-chain data and derivatives markets both indicate strong capital inflows and rising speculative activity.

ICP Daily Chart Breaks Out Strongly, Rise % Once Reached 70%

According to crypto.news, the price of Internet Computer (ICP) surged 68% on Wednesday, reaching a high of $6.32 during the session before retreating to $5.14. Although it remains about 58% below the year-to-date high of $12.32, the current price has rebounded 76% from the intra-month low, demonstrating a robust reversal.

The key catalyst for this rebound came from the announcement by Dfinity Foundation on November 4th — its AI platform Caffeine is now fully open for public testing, with added support for image and code prompts. The platform initially supported only text input but has now upgraded to a multimodal AI framework, allowing developers to directly build decentralized AI applications on the blockchain.

This update marks a substantial progress in the integration of AI and Web3 ecosystems, expanding ICP’s application scenarios and strengthening market confidence in its long-term potential.

Market Data Shows Strong Growth: Trading Volume and Lock-up Positions Surge

Market data shows ICP’s 24-hour trading volume surged by 170%; simultaneously, CoinGlass reports that ICP futures open interest increased by 10% to $138 million, with futures trading volume skyrocketing 126% to $2.68 billion.

This combination of indicators suggests that the recent rally was driven by short-term catalysts and leveraged trading, attracting significant speculative capital.

Additionally, DeFiLlama data indicates that the total value locked (TVL) in DeFi protocols on the ICP network increased by 22.5% over the past 24 hours to $37.9 million; the circulating market capitalization of stablecoins on the network grew by 13.5% over the past 7 days, reaching approximately $4.5 million.

These on-chain metrics collectively demonstrate growing investor confidence and usage within the ICP ecosystem, providing a solid foundation for the price rebound.

Technical Analysis: Breaks Key Resistance, Targeting $10

Since reaching a high in December 2024, ICP has been in a long-term downtrend. The recent daily chart breakout of this downtrend line signifies that a key resistance level has been officially flipped to support, potentially signaling the end of a multi-month decline.

From a technical perspective:

• The MACD lines show clear bullish expansion, indicating sustained momentum;
• The RSI (Relative Strength Index) has broken above the midline, suggesting increasing buying strength and a shift in market sentiment.

If the upward momentum continues, the next target zone is around $10–$11. This area has historically acted as a strong resistance in previous rallies. A successful breakout would imply that ICP is emerging from a multi-year falling wedge pattern, a classic long-term reversal signal.

On the downside, the $5 level remains a critical support zone, both psychologically and historically. If broken, the price could retest the $2.8 area, which was a previous bottom support zone.

Fundamental Support: Decentralized AI and Dfinity Ecosystem Accelerate Integration

Dfinity Foundation is committed to building a truly decentralized cloud computing network, enabling developers to run Web3 applications without relying on traditional centralized services like AWS or Google Cloud. With the launch of Caffeine’s multimodal features, ICP is positioning itself as an AI-native blockchain.

This positioning puts ICP in direct competition with other popular AI projects such as Render (RNDR) and Bittensor (TAO). Analysts believe that sustained growth of the ecosystem, along with expanding DeFi lock-up positions, could push ICP back into double digits and attract institutional-level capital.

Conclusion

After breaking through its long-term downtrend line, Internet Computer (ICP) is entering a phase of technical and fundamental resonance, signaling a potential bullish cycle. The open testing and multimodal support upgrade of the AI platform Caffeine have significantly restored market confidence. If short-term capital continues to flow in and on-chain data remains strong, the $10 target will become a key observation point in the near term. However, investors should remain cautious of short-term volatility risks associated with high leverage trading.