Solana News Update: ICP Surges Above $2.92 While Investors Look for a Bullish Break Above $3.00

The

token made a strong comeback this week, climbing back above $2.92 and recovering some of the losses it suffered earlier in the week. By Friday, the cryptocurrency had risen 1.04% to reach $2.94, hinting at a possible shift in momentum and drawing in traders who saw the recent dip as a chance to buy, as reported by . This upward move came after a stretch of turbulence that saw ICP drop below important short-term moving averages, only to regain ground and close above significant resistance points. Technical experts observed that this rally supported the token’s ongoing upward trend, with new support levels now set between $2.89 and $2.92.

This rebound was marked by a notable increase in trading activity, with volume jumping 20% above the weekly average and peaking at 1.39 million units around 10:00 GMT. The surge in volume reflects a broader positive sentiment in the market, as layer-1 blockchains have attracted renewed investor attention since October’s volatility. ICP’s strong fundamentals—such as its leading transaction speed of 1,032 transactions per second, surpassing Solana’s 912 TPS, according to an

—have further strengthened investor confidence.

Still, the recovery has faced obstacles. Earlier in the week, ICP dropped to $2.9891 after failing to break past the $3.15 resistance, with increased selling pressure driving the price back toward the lower end of its range, as detailed in a

. During this downturn, trading volume soared to 290% above the average, highlighting the strong bearish sentiment that temporarily halted ICP’s upward movement. Nevertheless, the recent bounce has renewed optimism among traders, with some analysts suggesting that closing above $3.00 could restore bullish momentum as November approaches.

The token’s recent performance has also caught the eye of institutional players. Toronto-based Coelacanth Energy Inc. recently partnered with ICP Securities Inc. to utilize the ICP Premium™ algorithm for automated market-making, according to a

. The four-month contract, which includes a monthly payment of C$7,500, highlights the increasing institutional use of ICP-powered liquidity solutions. While this collaboration does not directly affect ICP’s price, it does showcase the token’s growing role in financial services and automated trading platforms.

Wider trends in blockchain technology provide further context for ICP’s recent price action. The token’s recovery comes amid rising institutional interest in blockchain assets, as seen with Western Union’s launch of a stablecoin on Solana and the approval of new

ETFs. These events point to a larger movement toward high-performance networks, with ICP’s technical strengths making it a strong contender among layer-1 solutions.

Looking forward, traders are watching key price points for signs of a breakout. If ICP can maintain a move above $3.00, it could not only recover the week’s losses but also spark renewed bullish activity. On the other hand, falling below $2.89 might trigger another wave of selling, highlighting how short-term volatility continues to shape ICP’s market direction.