Crypto analyst Ali Martinez, a seasoned expert in technical and on-chain analysis, has made a bold prediction regarding the future price trajectory of Internet Computer (ICP).
According to Martinez, ICP must hold its critical support level at $6.60 in order to have a chance at reaching its price targets of $10 or even $15.
The price target would represent significant upside from its current levels, making it an attractive proposition for investors closely monitoring the project’s technical and on-chain indicators.
Martinez’s insights highlight the importance of this support level as ICP looks to continue its journey toward higher valuations in the competitive crypto space.
Strong Start to 2025 Fueled by Rising Burn Rate and Network Activity
Internet Computer kicked off 2025 on a positive note, experiencing a surge to $12 in January. This upward momentum was primarily driven by a notable increase in the ICP burn cycle, which signaled heightened network activity.
The burn rate surpassed 849 billion cycles, far exceeding the 90-day average of 512 billion cycles.
The increase in burn activity is seen as a positive signal by many analysts, as it suggests greater demand for the token and an improving ecosystem.
Investors have been closely watching these metrics, interpreting them as indicators that Internet Computer is gaining traction and that its network could experience substantial growth over the coming months.
Also Read: Crypto Analyst Predicts Major Price Drop for Hyperliquid $HYPE as Price Eyes $13 Target
Recent Price Decline and Market Cap Evaluation
Despite the strong start to the year, the price of ICP has recently seen a decline. Currently priced at $6.78, ICP has experienced a 3.88% decrease in the last 24 hours and a 4.44% drop over the past week.
With a 24-hour trading volume of $93.96 million, the token’s market cap now stands at approximately $3.27 billion, with a circulating supply of 480 million ICP.
The decline in price, although concerning in the short term, is not necessarily a reflection of weak fundamentals.
Rather, it could represent a natural market correction after the token’s rally in January. Investors will be keen to see if the $6.60 support level holds as the market seeks direction.
Key Support and Market Outlook Moving Forward
Looking ahead, the $6.60 support level remains crucial for the future of Internet Computer (ICP).
If ICP can maintain or rebound from this support level, it could pave the way for a potential rally toward its predicted price targets of $10 or $15.
However, if the support level fails to hold, it could signal further downside risks, potentially leading to more volatility in the short term.
As with many other cryptocurrencies, ICP’s price movements will be influenced by both on-chain data, such as the burn rate and network activity, and broader market trends.
Investors will need to stay vigilant as they monitor these key levels, especially given the unpredictable nature of the crypto market.
Also Read: Crypto Analyst Dismisses Fartcoin Hype, Predicts Drop to $0.14