Does Internet Computer (ICP) have enough strength to reach the $20 mark?
Internet Computer (ICP) is among the coins with the highest transaction growth
According to data from Coinmarket Cap, ICP's 24-hour trading volume increased more than 300% to more than $800 million on Sunday. According to TradingView data, ICP's total transactions increased by 37% as the distributed computing and storage network that supports smart contracts recorded increased user activity.
Is it enough to reach the $20 mark?
Today's price increase is a positive signal for ICP. This strong push could help the currency close a weekly candle above $10 for the first time since May 2022.
If this positive outlook continues and the recovery in the coming weeks includes a retest of support above $15.71, ICP price could target $20. The immediate hurdle above this level could lie around $23.57.
Analysts who are optimistic about this decentralized cloud 3.0 protocol are emphasizing its advantages in this field. Besides its potential to dominate the crypto cloud market, Internet Computer is fully on-chain, scalable, fast, and low-transaction cost.
ICP's price upside potential
There are a number of factors that could drive ICP prices up in the near future, including:
- Increase in user activity: An increase in transactions and total transactions is a sign that ICP is attracting more users. This could lead to increased demand for ICP, which in turn pushes prices higher.
- Potential to dominate the crypto cloud market: Internet Computer has the ability to compete with other cloud platforms such as Ethereum and Solana. If ICP can gain a significant share of this market, it could lead to price increases.
- European subnet launch: The European subnet launch allows developers to create GDPR-compliant dApps. This could open up a huge potential market for ICP in Europe.
Conclude
The strong increase in price of Internet Computer (ICP) is a positive signal for this currency. If the above bullish drivers continue, ICP could reach its $20 target in the near future.
