At approximately $2.42 per ICP and a $1.34 billion market capitalization, the most defensible upside framework is: The $18–$36 range represents a more defensible long-term ceiling if the network converts its technical capabilities into substantial recurring usage. The $36–$72 range is possible only under a strong adoption and market-re-rating scenario. A return to the 2021 high near $410 would require a fundamentally different scale of adoption and valuation.