Internet Computer (ICP) continues to impress investors, posting gains despite today’s market decline of several percent. According to latest market data, the token is up 16% since last week, which for some is confirmation that ICP will continue to trend higher in the coming days.

Despite the undeniable bullish trend in the market, a reversal could occur in the coming days that would threaten this month’s gains. However, as investors anticipate “Uptober”, there may still be a chance to squeeze out some profits at the end of the month.

A rejection at $9.90 could force investors below $9.23

At the time of writing, ICP’s upward trajectory is threatened by a rejection through the $9.90 resistance level, which could bring the token well below $9.23 if the sentiment reversal continues to strengthen. Given that the support level at $9.23 is quite tender, the bear thesis is highly relevant to investors’ portfolios.

ICP’s current trajectory began in early August and continued to mature and develop throughout the month. While this trend appears to be ongoing, with a few dips here and there, the current rejection coupled with today’s market decline, the token could be on a loss path in the coming days.

The Relative Strength Index (RSI) also signals that ICP bulls will reach their threshold in the coming days, leading to a pullback in the token.

If the token fails to stabilize at its current price level, ICP bears will have momentum to break through the $9.23 support level, with a target level of $8.09. However, if the token stabilizes, it has the potential to break the resistance at $9.64, with a target of $11.41.

Internet Computer: Network activity increases rapidly as fees raise

Token Terminal, recently an aggregate of data from the cryptocurrency market common that Internet Computer network activity increased during the month, which led to an raise in fees. This has led to the platform beating out other L1s in this category, growing over 5,000% in the last 30 days.

BREAKING: Internet computer generated more fees than @Optimism, @arbitrum, @avaxAND @0xPolygon in the last 30 days. pic.twitter.com/lqaUoA5cc9

— Token Terminal (@tokenterminal) September 24, 2024

According to the platform, the raise in activity is due to Bob.funa blockchain built on top of ICP that creates a secure ledger of records using an underlying platform to ensure security.

In last discussion during Token2049 in Singapore, Dominic Williams, founder and chief scientist of the DFINITY foundation, talked about how Compute is the cornerstone of newfangled society.

“When you run software or a system on the ICP network, it never crashes or stops working,” Williams said.

Given the operate case of ICP as a security and compute layer, network activity on the platform may continue to raise in the coming months.

Featured image from Pexels, chart from TradingView