With the ICP token launching on the mainstream South Korean exchange Upbit, its price surged over 10% within hours, adding approximately $100 million to its market cap in a single day. The launch supports trading pairs with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT), allowing South Korean retail investors to participate directly in trading with their local currency, significantly enhancing market liquidity.
Trading officially commenced at 17:00 KST, and the market reacted swiftly. The ICP price jumped from the morning range of $2.35 to $2.40 to $2.74, briefly reaching a high of $2.90 during the session. According to CoinGecko data, within the first hour of trading, ICP saw an increase of 11.3%, with trading volume surging by 867%, reflecting strong demand in the South Korean market for local fiat trading pairs.
From a technical perspective, after a prolonged decline since mid-January, ICP recently stabilized in the long-term support zone of $2.05 to $2.20, forming a clear bottoming structure. Subsequently, the price broke through the key resistance level of $2.70, signaling a strong short-term reversal. A robust bullish candlestick appeared on the daily chart, indicating that buying power has regained control of the market.
Multiple technical indicators have improved simultaneously: ICP has firmly established itself above the 50-day moving average ($2.38), suggesting a strengthening short-term trend; the Bollinger Bands have widened, reflecting a simultaneous increase in volatility and momentum; the Relative Strength Index (RSI) has climbed to the 60–63 range, indicating that buying pressure continues to build, though it remains in a non-overbought zone.
If buyers can maintain a solid position above $2.70, the next target will be aimed at the $2.90–3.00 range, with a long-term potential challenge of the key psychological level of $3.40–3.50. The current market is still in the early stages of a rebound, and future movements will depend on whether trading volume can continue to expand and if market sentiment stabilizes.
As one of the most influential retail trading platforms in Asia, Upbit's launched projects often trigger short-term price spikes. The performance of ICP this time not only reflects the market's ongoing interest in decentralized computing networks but also highlights the significant role of the South Korean cryptocurrency market in driving liquidity for small to mid-cap tokens.