Internet Computer just broke out of its descending triangle – And whales noticed

In this news:

Key takeaways

Internet Computer surged 14% to trade at $3.46 following a descending triangle breakout.
Whales are increasing orders across spot and futures markets, with long positions at 65%.
Technical indicators and network metrics favor the bulls as they target the $4.097 resistance level.

Technical breakout drives price surge

Internet Computer [ICP] has emerged among today’s market top gainers by recording a significant 14% daily surge, leading to the current trading price of $3.46. The bullish move came as buyers extended a recovery that began after the token broke above a descending triangle pattern that had contained its price for weeks.

For many investors, the breakout has shifted attention toward higher resistance levels at around $4.097. It is already evident in the current big players’ behavior. Whales are bagging more orders across Spot and Futures markets, while buyers dominate ICP’s derivatives positioning. With the token trading above its key exponential moving averages (EMAs), can buyers sustain the rally and push ICP toward $4.097?

Whale activity and market positioning

Large orders are increasing across both Spot and Futures markets according to the recent Average Order Size data, suggesting that larger traders are becoming more active as ICP advances. The network’s increasing Spot market buying could provide the missing direct demand for the token’s anticipated rally back to the $4.097 resistance zone.

That’s not all; the reported dominance of buyers in ICP’s Futures market adds to the positive short-term picture, although leveraged positioning can reverse quickly if momentum fades. According to the recent Long/Short Ratio data, long positions accounted for 65% of the total open market exposure at the time of writing. This highlights the current market bias and brings the chances for a continuation rally close to certainty.

Network metrics and future outlook

On the 10th of October, between 12:30 and 14:00 UTC, the network cycle-burn rate on the dashboard stepped from approximately 48 B cycles/s to about 20 B/s and has since maintained there. At the same time, the transaction rate across the network stood at 5199 transactions per second at press time, while the Finalization Rate stood at 152 blocks per second.

The fact that ICP’s price action is still trading above its key EMAs on the daily chart gives buyers a more constructive technical setup. The next level for the network bulls to watch is the $4.097 resistance level, which could become the next major test if buyers maintain control. A sustained move toward this resistance would keep the momentum going, while a rejection or loss of EMA support could expose ICP to renewed consolidation.

All in all, the combination of a descending triangle breakout, rising whale activity, increasing burn rate, and buyer-dominated Futures positioning favors the bulls.

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