Share this article
Internet Computer Slides Amid Broader Altcoin Pullback
Internet Computer loses ground as high-volume liquidation hits $5.83 support.
Jul 22, 2025, 3:47 p.m.
Make us preferred on Google
What to know:
- ICP fell nearly 6% in the last 24 hours from $6.22 to $5.86, before paring some of the losses.
- Institutional selling intensified below $6.00, with volume topping 1.3 million tokens.
- Maestro partnership with DFINITY signals strategic Bitcoin DeFi expansion.
dropped 4.85% to $5.9149 on Tuesday, posting a low of $5.81 after peaking at $6.25 the previous day.
Despite bullish headlines - a new partnership between Internet Computer developers DFINITY Foundation and indexing firm Maestro - the token succumbed to broad market rotation out of altcoins, including AI- and DeFi-linked assets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read more: Solana Defies Market Drop, Touches $200 as Altcoins Retreat: Crypto Daybook Americas
Maestro's infrastructure, funded by DFINITY, aims to build a Bitcoin metaprotocol index on the Internet Computer, enabling institutional-grade access to Ordinals and Runes, two of the most prominent primitives in the Bitcoin DeFi ecosystem.
However, technical action reflected a more pessimistic short-term outlook. After opening at $6.2230, ICP steadily declined, breaking below $6.00 around 01:00 UTC and accelerating losses toward $5.83 support. Volume swelled above 1.3 million tokens during this segment, signaling large selling pressure, according to CoinDesk's technical analysis data model.
ICP fell 2% from $5.97 to $5.87 during the U.S. morning, with concentrated sell pressure visible as the price pierced multiple support zones. Despite a brief rebound attempt near $6.02, the token failed to reclaim bullish footing, suggesting short-term momentum remains with the bears unless the $6.00 resistance is convincingly reclaimed, the data showed.
Technical Analysis Highlights
- Price Range: $5.8105–$6.2488, representing 7.3% intraday spread.
- Volume: 1.94 million tokens traded; highest during breakdown below $5.90.
- Resistance: Strong rejection at $6.00–$6.02 range with no sustained breakout.
- Support: Critical base formed at $5.83–$5.87 amid heavy buying interest.
- From 13:09 to 14:08 UTC, ICP fell 2%, driven by sharp volume spikes exceeding 50K tokens/minute.
- Volatility: Full-day spread of $0.4383 reflects heightened intraday instability.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Meta and Microsoft continue going big on AI Spending. Here's how bitcoin miners could benefit
In its fourth quarter earnings report, Meta said capital spending plans for 2026 should be in the range of $115-$135 billion, well ahead of consensus forecasts.
What to know:
- Fourth-quarter earnings results from Microsoft (MSFT) and Meta (META) suggested no slowdown in AI-related spending.
- Microsoft highlighted that AI is now one of its largest businesses and pointed to long-term growth.
- Meta projected sharply higher capital spending in 2026 to fund its Meta Super Intelligence Labs and core business.
Top Stories
