- Internet Computer experienced an increase of over 1,200% in network activity.
- Growth was driven by its interoperability protocol, Chain Fusion.
Internet Computer Protocol (ICP) has seen massive network growth thanks to its Chain Fusion interoperability protocol.
According to the last report by Dfinity Foundation, the research and development company supporting ICP, Chain Fusion, has grown 13x over the past year.
“The Chain Fusion subreddit has seen a staggering 1,230% increase in activity over the past 12 months, coupled with an impressive 2,040% increase in posts.
Source: DFINITY Foundation
Has growth driven up the price of ICP?
For the uninitiated, Chain Fusion allows developers to extend the reach of their applications and systems to other blockchains, particularly the Bitcoin (BTC) and Ethereum (ETH) networks. There is a plan to integrate Solana (SOL) and increase access to the three major networks.
Amid a surge in interest in Bitcoin DeFi, Internet Computer and its Chain Fusion have become key players enabling vertical integration of applications, given its smart contract capabilities. But has the growth been reflected in the price of the ICP token?
Source: ICP/USDT, TradingView
On the charts, ICP price followed a broader market trend, rose in the first quarter, and faced headwinds in the second half of 2024.
Over the past two months, ICP price has remained below the 50-day EMA (Exponential Moving Average). This showed short-term weakening, later observed by a further decline to H2 2024 support above $6.7.
Strong support defense could allow the token to reverse its recent losses. If so, the first upside target would be the 50-day EMA, with a potential gain of 18% if reached.
I readInternet Computer Protocol (ICP) Price Prediction 2024 – 2025
That said, at press time, ICP’s market sentiment was neutral, suggesting the price could rise or fall. The next direction could be confirmed by a broader market movement after the US elections.
Source: Santiment
