Internet Computer's ICP token climbed to nearly $2.40 on Tuesday, its highest level since mid-June, before settling at $2.28. The 10% weekly gain comes as the network approaches 300 billion processed transactions since launch — a milestone that would put it well ahead of Solana's 121 billion.
Transaction milestone in sight
The network has processed roughly 298 billion transactions since its debut, according to the latest data. That's a hair under 300 billion, a round number that tends to draw attention. Solana, by comparison, has generated 121 billion cumulative transactions. The gap is wide, and ICP's backers are happy to point it out.
Bulls see a breakout
Analyst Clifton Fx argues ICP is getting ready for a 'massive bullish rally' of 100-150%. Another analyst, CW, thinks the token has reached the sell wall zone between roughly $2.35 and $2.45. Breaking above that, CW says, could open the door to a rise toward $3.
Crypto With Gopal goes further. He claims ICP has printed a falling wedge formation, and a clean breakout above $3.50-$4 could trigger a move to as high as $7. That's a big call for a token trading at $2.28.
Bears point to the downside
Not everyone is convinced. X user Cryptorphic envisions a potential slump to $1.67 if $2.10-$2.12 turns into resistance. Crypto Patel forecasts a possible crash to $0.50 should the psychological level of $2 fail to hold. That's a wide range of outcomes, and the chart isn't exactly screaming consensus.
Still far from the peak
Even with this week's pop, ICP remains nearly 99.7% down from its historic peak of around $700, hit in spring 2021. Its market cap sits at less than $1.3 billion, making it the 56th-biggest cryptocurrency. The token has a long way to go before it's back in the conversation — but the transaction count and the price action are at least giving traders something to talk about.
The next test is whether ICP can hold above $2.10-$2.12, the level bears are watching. A close above $2.45 would give bulls the breakout they're calling for. Until then, the range is the story.
