Internet Computer (ICP) is showing renewed signs of network activity, with on-chain metrics recovering from summer lows just as traders watch for a potential bullish reversal in the token's price. Data from on-chain analytics provider Santiment Intelligence points to growth in both active and new addresses, while market data platform Chainspect recorded 201.1 million transactions in a single day. Separately, crypto analyst Crypto With Gopal has identified a possible double-bottom formation on the chart, with $4.10 emerging as a key resistance level. With ICP trading around $2.77 in the supplied data, sustained buying pressure will be crucial to establishing a stronger recovery.

For readers new to the project, the Internet Computer is a blockchain network built to host applications and services on-chain, and ICP is its native token — which is why shifts in network usage tend to draw attention alongside the token's chart.

Address Activity Rebounds From Summer Lows

According to Santiment Intelligence, ICP's median active addresses increased from 2,838 between July 24 and August 22 to 3,860 between September 22 and October 21, representing growth of approximately 35% (source).

New addresses recorded an even stronger increase over the same comparison periods, with their daily median climbing from 481 to 710 — a rise of roughly 45%. Taken together, the two measures suggest that both returning and first-time addresses contributed to the uptick in participation, although address growth alone does not confirm a corresponding increase in unique users or genuine economic activity, since a single participant can control multiple addresses.

The recovery has also been uneven. Daily active addresses exceeded 7,400 on both October 14 and October 21, yet 16 of the month's 21 days landed in a range of 3,100 to 4,300 addresses. During the peak week in early November 2025, the network averaged approximately 9,500 daily active addresses — roughly twice the latest weekly readings. Activity has therefore climbed back from its summer lows but remains below that earlier high.

ICP Records 201.1 Million Transactions in a Day

Chainspect data shows that the Internet Computer processed 201.1 million transactions on Wednesday, averaging 2,328 transactions per second and marking its busiest day of the preceding week (source).

Read alongside Santiment's address figures, the transaction numbers provide additional context for evaluating network usage. Rising address counts and throughput may indicate broader participation and sustained technical activity across the network.

However, these indicators do not necessarily confirm higher demand for ICP tokens. Meaningful adoption would depend on ongoing engagement and on evidence that network activity translates into actual application utilization. A single-day record is also a snapshot rather than a trend, so readings over the coming weeks will help show whether the spike reflects a durable change in usage or a short-lived burst.

Price Tests a Potential Double-Bottom Formation

In the supplied data, the ICP price was trading at about $2.77, and Crypto With Gopal flagged the $2.00 region as an important support zone (source). The analyst pointed to a possible double-bottom pattern — a widely watched technical setup in which an asset tests the same support region twice before attempting to break above resistance. As with any chart pattern, the reading is interpretive, and different analysts may draw different levels from the same chart.

The neckline of the formation sits close to $4.10. An upside breakout above that level would favor the bullish reversal thesis, while a rejection at the resistance could keep the ICP price to its current range. A breakdown below $2.00 would undermine the bullish stance. Conversely, sustained buying around the support level could provide the foundation for another recovery attempt.

Analyst Maps a Conditional $7 Target

Crypto With Gopal also noted that a breakout above the $4.10 neckline could open the path toward the $6.50–$7.00 range, provided ICP can hold its support levels and build enough momentum to move past resistance. Trading above the support range does not, by itself, mean the asset has reversed.

Improvement in network traffic creates a more positive environment, but it will not necessarily translate into price gains. Traders will need to watch whether buying force strengthens and whether the ICP price succeeds in clearing the neckline.

What Comes Next for ICP?

ICP's next move will hinge on whether buyers can defend the $2.00 support and eventually begin attacking resistance at $4.10. A breakout would reinforce the double-bottom formation, whereas a breakdown would invalidate it. Continued growth in active addresses, new addresses, and transaction volume would provide further evidence of adoption. Updated readings from Santiment and Chainspect will offer a running check on whether the recent activity levels hold.

For now, the combination of rising network activity and an as-yet-unconfirmed bullish pattern makes the $6.50–$7.00 target a conditional one.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.