Share this article
ICP Drops 5% as Crypto Market Rotates, Resistance Holds
ICP declines as broad altcoin-market retreat overwhelms Bitcoin DeFi infrastructure news.
Jul 23, 2025, 3:58 p.m.
What to know:
- ICP declined 5.35%, falling from $6.01 to $5.69 over a 24-hour period.
- High-volume selling near the $6.00-$6.10 resistance triggered sharp downside momentum.
- The broader altcoin market also showed signs of cooling after extended rally phases.
recorded a 5.35% pullback over the last 24 hours, dropping from $6.01 to $5.69 as weakness set in among the broader altcoin market. ICP struggled to maintain bullish momentum, encountering firm resistance in the $6.00–$6.10 zone that had capped multiple breakout attempts.
The sharpest decline came during the 13:00 UTC hour on Thursday, when ICP slid to $5.62 from $5.97 in just a few minutes, driven by an outsized surge in trading volume. Total daily turnover reached 2.58 million tokens — nearly four times the 24-hour average — underscoring institutional-scale distribution pressure, according to CoinDesk Research's technical analysis data model.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The broader market showed similar dynamics, with altcoins such as SOL, AVAX and ADA pulling back amid profit-taking and regulatory developments. Analysts characterized the retracement as a healthy rotation following President Donald Trump-related rallies and renewed attention to stablecoin legislation. Despite individual bullish catalysts, many tokens failed to sustain upside traction, with traders reallocating capital and defending key support zones.
Technical Analysis
- ICP dropped 5.35% from $6.01 to $5.69 between July 22 and July 23.
- Intraday high of $6.14 and low of $5.62 established a volatile $0.52 range (8.4% spread).
- Price fell to $5.62 from $5.97 at 13:00 UTC on July 23 amid 2.58 million token volume.
- Volume during capitulation exceeded 100K per minute, nearly 4× daily average of 650K.
- Resistance confirmed at $6.00–$6.10 with multiple failed breakout attempts.
- Critical support formed at $5.62 after heavy selloff during 13:40–13:51 UTC window.
- Market struggled to reclaim $5.83, with persistent selling on minor rebounds.
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.
Higit pang Para sa Iyo
Ano ang dapat malaman:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Higit pang Para sa Iyo
LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders
The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
Ano ang dapat malaman:
- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
- The token's momentum is also fueled by Binance's pause on LUNC withdrawals ahead of the Terra Chain's v2.18 upgrade, which aims to improve network stability, despite the token remaining volatile.
Top Stories
