Internet Computer (ICP) is experiencing a divergence between network activity and market performance. Daily new addresses on the network have increased by approximately 45% compared to summer levels, rising from a median of 481 to 710. Meanwhile, the token price has declined by 8.29% over the past month, currently trading at $2.78.
Data from Santiment shows that median daily active addresses rose 35% to 3,860 between September 22 and October 21. Despite this growth, current activity remains roughly half of the levels seen in early November 2025, when the token reached $7.80 following the Caffeine AI launch. The asset is now trading 64% below that peak.
Market analysts offer conflicting technical outlooks for ICP. Analyst nordin.eth suggests a head-and-shoulders pattern on the 4-hour chart could push the price down to $2.40, a 14% drop from current levels. Conversely, analyst Giannis Andreou identifies a support zone between $2.60 and $2.80, suggesting a potential recovery if the price reclaims $3.30 to $3.60.
The broader market environment remains uncertain, with CME FedWatch data indicating an 80.5% probability of a higher Federal Reserve target range by December 9. Traders are monitoring the $2.50 to $2.85 range as a critical threshold for future price direction, as tighter monetary policy may continue to impact the cryptocurrency market.
