Internet Computer [ICP] has turned in a double-digit gain, breaking from a broader crypto market that is bleeding capital. The rally arrives at a precarious moment, with the total market recording roughly $53 billion in outflows over the past 24 hours.

On the surface, speculative activity appears to be driving the move. While that accounts for part of it, the underlying flows suggest the rebound has a reasonable chance of holding, based on prior price action.

ICP liquidity flow continues to climb

Capital moving into ICP contracts has powered the asset’s rallies before, as speculative traders keep fueling a long bias.

The data shows inflows running high, with Open Interest crossing $15 million over the past day, while the weighted funding rate against Open Interest has turned positive.

A positive weighted reading implies that investors are bullish and expect near-term conditions to support that view, channeling the bulk of leveraged capital toward it.

Spot market flows hint at why this elevated speculative sentiment could prove at least somewhat sustainable. Ahead of the rally seen over the past 24 hours, ICP moved through five days of gradual accumulation, posting a net buy of $5.67 million—roughly $1.13 million in average daily net inflow.

That accumulation points to a base forming beneath the price, balancing the speculative activity now playing out in the market.

ICP buyer intent comes into focus

Activity in the perpetual markets shows the Long/Short Ratio crossing into positive territory for the first time in weeks.

The reading hit 1.12, the first sustained positive print since the 18th of April. The Long/Short Ratio measures whether buying or selling volume dominates, with a reading above 1 pointing to buyers and below 1 to sellers.

As it stands, the signal points clearly to buying. The buying has led across major exchanges, except Binance, which saw selling edge out buying volume over the same period.

That disparity points to a broadly bullish consensus across the perpetual market, with investors anticipating the rally to hold. For now, that possibility remains intact.

ICP chart direction points higher

The liquidation heatmap supports the bullish case. The chart maps where leveraged positions are set to liquidate, forming clusters above and below price that tend to act as magnets, drawing price toward the zones where the heaviest liquidations sit.

The heatmap shows a strong concentration of clusters above price, giving the current trend room to swing higher. The nearest short-term target sits at the $3.15 mark.

Downward pressure remains. Clusters also sit below price at the time of writing, though they have failed to build comparable momentum. For now, upward momentum is keeping the trend pointed higher.

---

Final Summary

• ICP has posted a double-digit gain against a falling market, backed by five days of Spot accumulation worth $5.67 million ahead of the rally.
• The Long/Short Ratio crossed into positive territory at 1.12 for the first time since the 18th of April, with buying leading across major exchanges except Binance.

read more