Santiment Data Shows ICP New Addresses Up 45% as the Token Slides

Santiment Counts a Busier ICP Network

Internet Computer (ICP) added users at a markedly faster pace over the past month while its token kept sliding, and the gap between the two is now the central question for holders. On-chain data from Santiment shows daily active addresses on the network averaged 3,860 between September 22 and October 21, roughly 35% above the 2,838 recorded between July 24 and August 22. New addresses grew faster still: the daily average climbed 45%, from 481 to 710, across the same window, and both gauges sit well above the levels that prevailed through the summer. The rise came in sharp bursts. Activity crossed 7,400 addresses on both October 14 and October 21, while 16 of the 21 days in the latest window landed between 3,100 and 4,300. Active addresses count distinct wallets transacting on the network each day, a standard gauge of real usage rather than speculation. By the analytics firm's own framing, the Internet Computer network has returned to the activity band it occupied in the first quarter of this year, though engagement still sits at roughly half the peak weekly average of about 9,500 addresses logged in early November 2025. That earlier peak came with a price to match: the token ran 166% in a single week to $7.80 after the Caffeine AI launch, a compressed bull market episode that lasted days rather than months. ICP price now reads near $2.76, down 0.6% over the past day and about 64% below that high, and the token has lost 8.29% over the past month even as the address count rebuilt. Network growth has so far failed to convert into sustained buying, leaving the 710 new daily addresses as an unconfirmed signal rather than a price driver.

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ICP Momentum and the $2.63 Floor

The price side has not confirmed the network read. Our composite support and resistance scoring places the nearest support at $2.6292, where the lower Bollinger Band meets the 100-day and 200-day SMAs, and scores it 100 out of 100; the nearest resistance at $2.8093 stacks pivot points with the 100-period EMA and scores 96 out of 100. Momentum agrees with the downtrend rather than the address recovery: RSI reads 40.75 and the MACD signal is bearish. Positioning is thin, with open interest near $19.4 million and the perp funding rate marginally negative at -0.0021%. A close above $2.8093 or below $2.6292 would settle the argument faster than another week of address data.

Traders Split on the $2.50 Line

Traders reading the same chart split on whether it shows a breakdown or a base. nordin.eth set out the bearish case in a post on X, writing that Internet Computer (ICP) has broken below the neckline of a head-and-shoulders pattern on the 4-hour chart and that $2.40 is the potential target, about 14% below the current price. He added that a move back above the neckline near $2.85 would change the outlook quickly. Giannis Andreou treats the same zone as a floor rather than a rejection. He marks a tentative weekly base with $2.60 to $2.80 as immediate support, a band the price still trades inside, and argues that a durable reclaim of $3.30 to $3.60 opens $4 to $4.50 and then $5 to $6.50. His bearish trigger is a weekly close below $2.50, which would invalidate the base and open a path toward $2 to $2.20. Nebraskangooner flagged trendline support on October 20 near $2.89 and wrote that a bounce was needed there; the token has since given back about 4%. The macro backdrop offers little cover. CME FedWatch data puts the probability of a higher federal funds target range by December 9 at 80.5%, and tighter policy would land on an altcoin market already under pressure. Thin price performance is a running theme rather than a fresh one: earlier coverage of ICP's inflation story already flagged the token lagging two AI rivals, and a fuller level-by-level breakdown sits in our ICP technical analysis. That narrows the decision to the range between $2.50 and $2.85, where traders on the best crypto exchanges and perp venues face one test: whether the 710 new daily addresses convert into bids before the $2.50 trigger fires. If they do, the 45% address growth starts to matter for price; if they do not, it stays a network statistic.

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