Internet Computer (ICP) is drawing more new addresses to its network, yet its price keeps slipping. Daily new addresses rose about 45% from their summer level, while ICP fell 8.29% in the past month.
That leaves holders weighing two opposing signals. Analysts, however, disagree on whether the chart points to a breakdown or a base.
ICP Network Shakes Off Its Summer Slump
According to Santiment, Internet Computer’s median daily active addresses climbed about 35% to 3,860 between September 22 and October 21. That compares with 2,838 between July 24 and August 22.
“The October highs are spiky. Oct 14 and Oct 21 each topped 7,400, while 16 of the month’s 21 days landed between 3,100 and 4,300,” the team said.
New addresses grew faster over the same windows. Their daily median rose about 45%, from 481 to 710.
Santiment said activity is back near its first-quarter range. Still, it remains roughly half the level of early November 2025, when the peak week averaged about 9,500 addresses.
That peak came as the altcoin surged 166% in a week to $7.80 after the Caffeine AI launch, BeInCrypto reported. At $2.78, the token now trades about 64% below that level.
Analysts read the recent slide in very different ways.
A Broken Neckline Puts $2.40 in Play
Analyst nordin.eth said ICP has broken below the neckline of a head-and-shoulders pattern on the 4-hour chart.
“The head and shoulders is now playing out, and price is trading below the neckline. $2.40 is the potential target,” the post read.
That target sits about 14% below the current price. He added that a move back above the neckline, near $2.85, could shift the outlook fast.
Bulls Mark Out a Weekly Floor
Other analysts see the same price zone as a possible floor. Giannis Andreou is among those analysts.
“ICP is forming a tentative weekly base, with $2.6–$2.8 as immediate support,” Andreou noted.
ICP’s current price sits inside that zone. Andreou said a sustained reclaim of $3.30 to $3.60 would put $4 to $4.50 in view. Beyond that, he sees $5 to $6.50.
He also set a clear downside trigger. A weekly close below $2.50 would weaken the setup and expose $2 to $2.20.
Trader Nebraskangooner flagged trendline support on October 20, when ICP traded near $2.89. He said it needed to bounce there, and ICP has since slipped about 4%.
For holders, $2.50 and $2.85 now mark the range that matters. CME FedWatch data puts an 80.5% chance on a higher Fed target range by December 9, BeInCrypto reported. Tighter policy could weigh further on an already sliding crypto market.
Whether rising network activity turns into buying demand may decide which side of that range gives way first.
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