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ICP Rallies to $6.08 Before Sharp Reversal Amid Volatile Trading
ICP posts 5% swing before consolidating, after market sentiment was shaken by a security breach at Odin.fun
Updated Aug 14, 2025, 2:29 p.m. Published Aug 14, 2025, 12:06 p.m.
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What to know:
- ICP surged from $5.84 to $6.08 before reversing sharply within a 23-hour trading window.
- Security breach at Odin.fun reignites concerns over potential Internet Computer-related authentication vulnerabilities.
- Consolidation in tight range signals market indecision following earlier volatility.
Internet Computer Protocol (ICP) saw a volatile 24 hours, climbing from $5.84 to a session high of $6.08 before succumbing to selling pressure.
The 5% swing unfolded within a $0.28 trading corridor, reflecting both strong buying interest and swift profit-taking, according to CoinDesk Research's technical analysis data model.
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Early momentum carried ICP through multiple resistance points, with the rally peaking at $6.08 around 03:00 UTC on August 14. Elevated volume at these highs confirmed institutional selling activity, establishing a clear resistance zone between $6.06 and $6.08. On the downside, support developed in the $5.87–$5.90 range, where buyers consistently stepped in to absorb supply.
ICP’s volatility subsequently compressed sharply. The token traded in a narrow $0.04 band between $5.88 and $5.92 from 09:25 to 10:24 UTC, indicating a consolidation phase as traders reassessed positions.
Market sentiment had been shaken by a high-profile security incident at Bitcoin-based memecoin platform Odin.fun, which suspended trading after losing 58.2 BTC in a suspected exploit. Following a previous similar breach, members of Internet Computer's developer community pointed to a flaw in the “Sign-In With Bitcoin” (SIWB) canister, a service allowing users to authenticate to dApps on Internet Computer using their Bitcoin wallet.
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.
UPDATE (Aug. 14, 14:25 UTC): Amends final paragraph to make it clearer concerns were related to Internet Computer-related SIWP and not about Internet Computer itself. Removes references to security breach from headline and amends subhead and "What to Know" bullet.
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