Internet Computer (ICP) price was one of the best-performing cryptocurrencies on Monday as demand for the altcoin surged. The token soared to a high of $17, its highest point in 2023. It surged by more than 500% from its lowest point in 2023.
Why ICP price is soaring
Internet Computer is one of the most underrated blockchain projects in the world. It is a unique platform that does more than other popular networks like Solana, Ethereum, and Avalanche.
Unlike these networks, Internet Computer provides a complete suite of products that people can use to build their decentralized Web3 projects. For example, developers have created social media platforms like OpenChat and Distrikt completely on its platform.
Internet Computer has both the infrastructure and the smart contract features that make this possible. As a result, it has been used to build all types of dApps.
The network also introduced ckBTC, a Bitcoin twin that enables developers to build solutions that are handled using BTC. ckBTC has over $12 million in total value locked (TVL).
The main reason why Internet Computer token price is soaring is that its developers launched a trial of artificial intelligence (AI) in the network.
This is a major development because of the role that AI is having in the industry. Recently, we have seen AI-focused companies like Nvidia, Broadcom, and Super Micro Computer surge. Nvidia is now valued at over $2 trillion while Broadcom’s market cap is nearing $600 billion.
Developers can now use the software solutions offered by Internet Computer to create AI-enabled applications. For one, the developers have created the first AI-enabled smart contract, which the developers hope will become the heartbeat of Web3 and AI. It will also be able to run large language models (LLM).
Therefore, Internet Computer is soaring in line with the performance of other AI tokens like SingularityNET and Fetch AI.
Internet Computer price forecast
Turning to the daily chart, we see that the ICP price has been in a strong bullish trend after bottoming at $2.82 in September. It surged and reached a high of $17 on Monday morning, crossing the crucial resistance point at $16.28, its highest point in January.
ICP remains above all moving averages while the Relative Vigor Index (RVI) and the Percentage Price Oscillator (PPO) have all pointed upwards. This is a sign that the token has the bullish momentum.
Therefore, the outlook for ICP price is bullish as long as bulls are able to clear the current resistance at $17. If this happens, it will likely surge to the next resistance point at $20.
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