Story Protocol's native token, IP, has extended its recent rally with a significant 25% surge within 24 hours, marking its strongest daily performance in weeks. The breakout occurred as the token moved beyond a prolonged consolidation range, attracting fresh speculative and long-term interest amid improving market sentiment.
The rally was primarily fueled by explosive trading activity from Asian investors. Total trading volume for IP skyrocketed by approximately 789%, reaching $157 million. Data indicates that South Korea–based exchange Upbit was the epicenter of this activity, accounting for a dominant 45% of total volume, or $70.8 million. In stark contrast, U.S.-based Coinbase represented only 2.82% of the volume.
While the spot market saw aggressive buying, derivatives data presents a more cautious picture. The perpetual market shows a slight tilt toward bulls with a Long/Short Ratio near 1.00, indicating balanced positioning. However, the Open Interest–Weighted Funding Rate registered a negative reading of -0.1638, signaling that sellers maintain the upper hand in the derivatives arena, which could increase downside risk.
Technical analysis reveals a mixed outlook. IP is trading above all major exponential moving averages (EMAs), and a cup-and-handle pattern is forming, suggesting potential for bullish continuation. Yet, key indicators urge caution. The Accumulation/Distribution (A/D) line remains in negative territory, indicating persistent sell-side pressure. Furthermore, the Money Flow Index (MFI) has climbed above 90, placing IP firmly in overbought territory and heightening the risk of a near-term pullback or consolidation.
