ICP Rallies 200%, Becomes Largest AI Blockchain by Market Cap

The Internet Computer [ICP](https://holder.io/coins/icp/) has experienced a significant rally, increasing nearly 39% on November 7, extending its seven-day gain to over 200%, and adding $3.1 billion to its market cap.

ICP has become the largest AI blockchain, surpassing Bittensor [TAO](https://holder.io/coins/tao/).
Currently trading at $8.56, ICP's market cap is $4.57 billion, placing it in the top 30 cryptocurrencies.
Futures open interest for ICP reached an all-time high of $237.92 million, indicating fresh capital inflow.
Total ecosystem trading volume surged to $1.4 billion, doubling in one day.

The rally was driven by Dfinity Foundation's announcement of Caffeine, a new AI platform allowing users to build applications from scratch.

Despite the bullish trend, technical indicators suggest potential overbought conditions:

Daily RSI above 85 indicates possible cooldown.
Price exceeded the upper Bollinger Band, suggesting short-term overheating.

Analysts identified key resistance levels at $7.50, $11.50, and $20. Sustained volume and investor confidence could extend the rally further.