The Internet Computer (ICP) token experienced a remarkable surge over the past week, climbing nearly 70% as market participants reacted to significant developments from the DFINITY Foundation. Starting the week near $2.10, ICP jumped to approximately $3.75 before settling around $3.55 at the time of reporting, marking it as one of the standout performers among major cryptocurrencies.
A key driver of this price action was the announcement that WordPress can now operate entirely on the Internet Computer blockchain. This demonstration highlighted the platform’s ability to host frontend interfaces, backend databases, and administrative functions fully on-chain, positioning ICP as a potential rival to traditional cloud services.
Additionally, DFINITY introduced ‘Mission 70,’ a tokenomics overhaul aimed at slashing ICP’s annual inflation rate by as much as 70% by late 2026. The plan includes a novel 20% revenue-based token burn, which could eventually shift ICP toward a deflationary supply model. This news boosted investor confidence, as did the ‘Cloud Engines’ showcase on May 10, which demonstrated enterprise-grade AI subnets capable of handling decentralized artificial intelligence workloads directly on the blockchain.
The combination of improved fundamentals, reduced inflation expectations, and growing AI enthusiasm triggered aggressive buying, with short liquidations further fueling the rally. Technically, ICP confirmed a breakout above the key $2.60 resistance after weeks of consolidation between roughly $2.20 and $2.50. The price also surged above the Supertrend indicator, which turned bullish for the first time since January, indicating a potential shift in long-term momentum.
Momentum indicators like the MACD show a strong bullish crossover, with expanding green histogram bars suggesting upward pressure remains intact. If ICP holds above the $3.00 support zone, the next major resistance could be around $4.00 to $4.10, a level that previously rejected price advances earlier this year. However, a failure to maintain $3.00 might lead to profit-taking and a pullback toward the $2.60 consolidation area before any further upside.
In summary, ICP’s explosive rally reflects growing optimism around its real-world utility, tokenomics improvements, and AI blockchain integration. While short-term overheating signals caution, the overall outlook remains bullish if current support levels hold.