Altcoin News: ICP Breaks Below Key Support as Volume Surges at Resistance Test, Heightening Downside Risk

ICP fell below the crucial $4.95 support this week, with a sharp volume spike near resistance confirming a fresh rejection and pushing the token into a tighter consolidation range below $4.98. Despite the structural breakdown, ICP traded modestly higher over the past 24 hours—signaling indecision but reinforcing short-term downside pressure.Key TakeawaysICP is trading near $4.80, up 0.75% in 24 hours despite earlier weakness.A 5.63M volume surge (+85% above average) aligned with a failed retest of $4.98 resistance.New support sits at $4.63, with resistance forming at $4.98–$5.13.Latest data shows ICP slipping through $4.93, tightening pressure on the $4.90 psychological zone.ICP Struggles to Reclaim Lost Support After $4.95 BreakdownInternet Computer (ICP) continues to show signs of overhead pressure, trading near $4.80 after losing the $4.95 support earlier in the session. The token moved within a $0.48 intraday range, reflecting a 9.6% volatility window as repeated recovery attempts faltered.CoinDesk Research’s technical model notes that ICP has repeatedly failed to regain higher consolidation levels, signaling weakening momentum as price compresses below resistance.Volume Spikes as ICP Rejected at $4.98A decisive inflection occurred at 19:00 UTC on Wednesday, when trading activity surged to 5.63 million tokens, an 85% jump relative to the 24-hour average.The spike coincided with a failed attempt to break above $4.98, confirming that:Sellers remain firmly positioned near the $4.98–$5.00 bandHeavy distribution is forming at the top of the current intraday rangeICP briefly touched $4.99 during a mid-session uptick, but immediate selling pressure halted the advance and sent price rotating lower.Price Action Turns Heavier as $4.90 Comes Under PressureOver the latest hourly intervals, ICP slipped through $4.93, intensifying pressure on the $4.90 psychological floor. While price briefly stabilized near $4.917, the technical structure continues to lean bearish unless ICP can reclaim levels above $4.98.Market analysts highlight that downward momentum is strengthening, with overhead resistance compressing the consolidation range and reducing the probability of a near-term bullish breakout.Key Technical Levels to WatchSupport$4.63 — critical lower support and prior pivot zone during recent pullbacksResistance$4.98 — immediate resistance reinforced by the volume spike$5.13 — upper resistance band marking the top of the prior rangeRange StructureICP now trades within a narrowing band between $4.63 and $4.98.A break below $4.63 opens a continuation move lower, while a close above $4.98 would be the first positive technical signal in several sessions.Direction Hinges on Volume and Boundary BreakWith volume contracting after Wednesday’s surge and resistance repeatedly rejecting advances, ICP’s short-term outlook leans bearish. Without renewed buy-side participation and a confirmed reclaim of $4.98, the token is likely to remain trapped in its compression range — with the next directional impulse dependent on which boundary cracks first.