Internet Computer Protocol (ICP) Price Prediction 2024 – 2025
- Linda HamiltonOriginal
- 2024-11-06 18:34:26973browse
Internet Computer Protocol [ICP] has seen massive network growth thanks to its Chain Fusion interoperability protocol. According to the latest report by
Internet Computer Protocol (ICP) has achieved remarkable network growth through its Chain Fusion interoperability protocol. According to the latest report by Dfinity Foundation, the research and development firm behind ICP, Chain Fusion has experienced a 13x growth over the past year.
“Chain Fusion subnet saw a staggering 1,230% surge in activity over the past 12 months, coupled with an impressive 2,040% surge in message counts.”
Chain Fusion enables developers to expand the reach of their applications and systems to other blockchains, particularly Bitcoin (BTC) and Ethereum (ETH) networks. There’s also a plan to integrate Solana (SOL) and provide access to the top three networks.
With the renewed interest in Bitcoin DeFi, Internet Computer and its Chain Fusion have become key players in enabling the vertical integration of applications, given its smart contract capabilities. But did this growth impact the ICP token price?
ICP Price Action Analysis
On the charts, ICP price followed a broader market trend, rising in Q1 and facing headwinds in the second half of 2024.
In the past two months, the ICP price has been trading below the 50-day EMA (Exponential Moving Average). This indicated a short-term weakening, which was later confirmed by a further decline to H2 2024 support above $6.7.
If the support holds strong, the token could be set to reverse its recent losses. In that case, the first bullish target would be the 50-day EMA, presenting a potential 18% gain if hit.
However, at press time, ICP’s market sentiment was neutral, indicating that the price could move up or down. The next direction will likely be determined by broader market movements after the US election.
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