Internet Computer (ICP) surged over 12% in the last 24 hours, ranking third among CoinMarketCap's top 100 cryptocurrencies by gains. The rally was driven by a combination of technical breakouts, increased network activity, and a significant short squeeze. ICP's price broke out of a consolidation range between $2 and $2.80, reaching above $3, with bulls eyeing a potential move towards $4. The surge was further fueled by the liquidation of over $915 million in short positions as the price approached $3, triggering a short squeeze. Additionally, ICP's burn mechanism has been effective, with over 15,000 tokens burned in the past day, contributing to a total of 97,000 tokens burned this month. ICP also outperformed Solana and BNB Smart Chain in monthly transaction volume, highlighting its growing prominence in the blockchain space.