The Internet Computer (ICP) token has captivated traders after a sharp 35% surge lifted prices from the $2.30 support zone to as high as $4.0 before settling near $3.70. The rally, which gained traction on May 5, was fueled by a significant technological milestone: Dfinity announced that WordPress now runs entirely on the Internet Computer via the Wasp Technology team. This deployment includes the frontend, WP-admin panel, database, and caching system operating fully on-chain, eliminating the need for external databases, off-chain caches, or TEE VPS infrastructure. ICP also broke above its 200-day EMA band for the first time in months, turning a stubborn resistance zone into dynamic support.
Behind the price action, on-chain data reveals a notable shift in supply distribution. Wallets holding between 10 and 10,000 ICP tokens reduced exposure in early May, likely representing retail profit-taking. Meanwhile, larger entities—those controlling 10,000 to 100,000 ICP and even 100,000 to 1 million ICP—have been quietly accumulating. This whale activity suggests deeper conviction beyond speculative froth, giving the rally a structural foundation.
However, a broader technical perspective introduces caution. Analyst Zero2HeroZombie on X highlighted three critical resistance levels that ICP must overcome to change its long-term outlook: $4.3, $6.8, and $9.8. ICP currently trades below its 2018 private sale price, a stark reminder that early backers remain underwater years later, despite a 2021 all-time high above $700. The analyst, who accumulated heavily at a $1.3-billion market cap in both 2023 and 2026, stated that only a confirmed break above all three resistances would alter his stance. For now, the immediate hurdle sits at $4.30. A clean break there could open a path to the next target of $6.80, reinforcing the bullish momentum seen in recent sessions. The market now watches whether this narrative-driven rally can clear the walls that have historically capped ICP rallies.
