Reviewed by Reviewed by Saman Waris Updated 00:00 EDT September 30, 2026 Share Share Share Back to Top Internet Computer [ICP] is on a strong upside run, defying the market trend. After falling to $2.90 and breaching the $3 support, the altcoin bounced back, defended the price level, and climbed to a four-month high of $3.40
At press time, Internet Computer was trading around $3.30, up 12.5% on the daily charts. With the uptick, ICP flipped its short-term moving averages
Over the same period, the altcoin’s volume rose 61%, reflecting higher market activity. Equally, the daily turnover also made an upswing, rising to $45 million for the first time since June
This implied that the market was driven by intense buying pressure
ICP saw renewed bullish momentum amid intense debate on freezing stolen funds
After Bitget attackers drained over $387.5 million, CEO Gracy Chen called on THORChain to refuse service to addresses linked to attackers
However, THORChain refused, saying its network mechanism is designed to protect the protocol as a whole and not to selectively freeze specific addresses
After THORchain refused to freeze stolen funds, Dominic, founder of DFINITY, responded. He stated that he would support ICP’s Network Nervous System (NNS) governance proposal to freeze stolen funds
In this aspect, he signaled support for interchain collaboration to deter theft. After rising support for the security measure, the market responded positively with demand for Internet Computer recovering
Amid the raging debate, demand for ICP surged, especially on the derivatives side. The altcoin’s Open Interest jumped 18% to $121 million while the volume rose 66% to $189 million
The rising OI alongside volume implied higher participation as traders opened new positions. Meanwhile, the Long/Short Ratio on Binance rose to 1.8, with Binance Top Traders’ ratios hitting 3.5 and 2.4
With Internet Computer jumping to May levels, holders returned to cash out these gains
The altcoin’s netflow jumped to $1.3 million, marking a reversal from -$448k the previous day. It suggested that more holders sold on exchanges as the market rebounded
Often, when the market sees rising sell-side activity during an activity, the trend tends to collapse
Currently, market momentum leads bullishly. The price hike saw ICP flip the 21-day moving averages, reflecting strong pressure to the upside
Likewise, the +DI rose to 27 while the ADX climbed to 30, confirming a strong upward momentum
These indicators suggest that the market conditions are ideal for the trend continuation. If positive sentiment holds, Internet Computer will extend the rally, reclaim $3.7, and eye to flip $4
However, the risk of a pullback also remains, especially due to higher profit realization. If these sellers overwhelm the market, with buyers failing to absorb the pressure, ICP will revisit $2.9
Gladys Makena is a Cryptocurrency and Financial Analyst at AMBCrypto with four years of market analysis experience. Her quantitative expertise is supported by a strong background in Finance, providing a solid foundation for a data-driven approach. At AMBCrypto, Gladys is committed to providing the community with timely and insightful news, reports and technical analysis
