Internet Computer is seeing a big surge today. It’s up nearly 40% and trading around $6.89, making it the top gainer among major cryptocurrencies.
After months of quiet trading and a long downtrend, the ICP price is finally showing signs of life – and there are a few clear reasons behind the surge.
On November 6, DFINITY officially launched Caffeine, a new AI platform that lets users build decentralized apps on the Internet Computer without writing code.
It’s directly tied into the booming demand for blockchain + AI projects, a narrative leading some of the biggest rallies this year – just look at FET or TAO.
Caffeine gives ICP something it has needed for a long time: a fresh narrative and a real product that fits where investor attention is right now. If builders and users actually show up, this could be the start of a more sustained trend.
Moreover, on-chain data backs up the ICP price action. Over the past 30 days, exchange reserves dropped 31.4%, meaning fewer tokens are available to sell on the open market. Meanwhile, the top 100 wallets increased their holdings by nearly 30%.
That’s classic supply shock behavior, and it often appears before bigger moves happen. When whales position early, they usually see something coming.
ICP Chart Structure Finally Flipped Bullish
Technical analysts are also paying attention. A well-watched multi-month downtrend has officially broken.
Analyst Kamran Asghar highlighted the clean breakout above the trendline with MACD momentum flipping green – a major shift from the slow bleed ICP suffered most of the year.
Read Also: ASTER Real Race Starts Now: This Next Move Can Decide Its Future
Another trader, Javon Marks, took it even further, pointing out a potential target above $70 – more than a 9X rise from current levels.
It’s bold, but in crypto, broken downtrends can lead to violent recoveries when sentiment flips.
Finally, Internet Computer (ICP) still has a lot to prove. For this to turn into a real comeback, we need follow-through: more developers building on Caffeine, more users arriving, and continued accumulation from large holders.
But for the first time in a while, the ICP price doesn’t look like it’s drifting lower. It looks like it’s starting something new – and if this rally keeps its momentum, today might be remembered as the moment Internet Computer woke up again.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
