Internet Computer’s token, ICP, is once again drawing attention from analysts watching on-chain valuation signals, as market price continues to trade well below its realised price.
The realised price metric tracks the average cost basis of the circulating supply based on on-chain transaction history. Put simply, it reflects what holders, on average, paid for their ICP. When market price sits below this level, it suggests the broader market is holding at a loss. When price trades above it, profits tend to dominate.
This relationship has made realised price a widely followed cycle indicator across digital assets, often acting as a psychological and structural reference point during both bear markets and recovery phases.
The latest chart shows ICP trading far beneath its realised price, currently around $6.9. Market price, by contrast, has fallen closer to the $2.5 range, placing it firmly in what many investors would describe as a capitulation or valuation compression zone.
Historically, periods below realised price have often coincided with market stress, forced selling, and long-term accumulation by investors willing to position through weakness. That said, realised price is not a guaranteed floor, and extended trading below it can occur during prolonged downturns.
One notable detail from the data is the late-2025 rally, which peaked almost exactly as ICP reached its realised price. This suggests the metric acted as a form of resistance during a bear-to-neutral environment, where price struggled to reclaim the average cost basis of holders.
For market participants, this creates a clear framework. A sustained move back above realised price could indicate improving sentiment and a shift back into profit-led conditions. Remaining below it keeps the focus on downside risk, investor fatigue, and the possibility of further consolidation.
While on-chain valuation tools can provide useful context, they are only one part of the picture. Broader crypto market conditions, liquidity trends, and project-specific developments will continue to shape ICP’s trajectory.
For now, the gap between market price and realised price highlights how deeply the token has retraced, and why analysts are watching closely to see whether this zone becomes a long-term base or simply another pause in a wider downtrend.
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