CRO dip as ICP rebounds and Sonic sees 89% surge in active addresses

6 hours ago 10
CRO dip as ICP rebounds and Sonic sees 89% surge in active addresses

Despite a temporary rebound for Internet Computer (ICP) and persistent buyer interest in Cronos (CRO), both tokens faced short-term pressure from profit-taking and shifting sentiment, even as Sonic grabbed headlines with a sudden spike in user engagement and network usage.

ICP rebounds after early drop but struggles with resistance

Internet Computer’s native token, ICP, initially slid 3.5% on the day, dipping from around $5.39 to $5.27 during early trading hours.

This intraday selloff appeared to be linked to routine market rebalancing and a lack of immediate bullish catalysts, though it was quickly offset by a surge in demand near key technical support.

The market showed renewed interest following the official launch of Caffeine, an AI-powered no-code Web3 app builder built directly on ICP’s protocol.

Unveiled at DFINITY’s “Hello, Self‑Writing Internet” event, Caffeine allows users to create on-chain decentralised applications (dApps) simply by chatting with an AI agent.

Although the product launch revived investor confidence late in the session, ICP struggled to stay above resistance in the $5.40–$5.49 range.

Analysts note that while the Caffeine platform represents a strong technical leap for the Internet Computer ecosystem, actual usage data and sustained developer traction will be key to driving any long-term price momentum.

Cronos pulls back sharply but whales aren’t leaving

Cronos (CRO) saw a sharp 11% decline within 24 hours, erasing gains built up during its recent bullish stretch and leaving traders questioning the durability of its latest rally.

The selloff coincided with a spike in active sending addresses, a common indicator of short-term holders cashing out after a run-up in price.

However, contrary to panic-driven declines, on-chain metrics show that large wallets remain active on the accumulation side and have not exited en masse.

According to data from CryptoQuant, some whales have continued to accumulate since CRO’s breakout above $0.081, a level that previously served as a major consolidation zone.

Cronos-Spot Average Order Size | Source: CryptoQuant

This divergence between retail profit-taking and institutional accumulation suggests the correction could be short-lived, particularly if the price manages to hold above the $0.085–$0.086 support area.

If buyer-side volume persists and demand recovers at that level, analysts believe CRO could be gearing up for another leg upward.

Sonic’s on-chain surge triggers optimism and caution

While ICP and CRO struggled to maintain momentum, Sonic (S) posted a dramatic 89% spike in active addresses, drawing strong attention from the market.

The increase in user activity has been attributed to new dApp deployments and ecosystem incentives, coinciding with renewed community engagement.

However, despite the on-chain growth, Sonic’s price dropped more than 7% to $0.3411, as aggressive market selling pressure limited upward movement.

Spot taker CVD metrics revealed strong dominance by sellers, while whale transaction volume declined by nearly 31%, raising concerns about the conviction behind the retail-led rally.

Complicating matters further, Open Interest in Sonic’s derivatives market dropped 14.7%, signalling reduced speculative appetite and waning momentum.

The asset recently broke out of a falling wedge formation but failed to clear the $0.379 resistance, keeping bulls on edge as stochastic RSI readings hinted at overbought conditions.

Nonetheless, Sonic’s broader narrative remains compelling thanks to its 2025 rebrand from Fantom and ambitious plans for cross-chain integration, liquid staking, and enhanced regulatory alignment.

With long-term forecasts placing Sonic’s potential at $0.53 in 2025 and up to $5.47 by 2031, the token’s performance will likely depend on how successfully it translates activity into sustained institutional confidence.

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