Story Protocol's native token IP experienced a dramatic 36% single-day surge on January 13th, extending its weekly recovery gains to nearly 100%. The rally, which saw IP's price climb from $2 to a peak of $4 before settling at $3.89, was fueled by a combination of positive macro sentiment and anticipation for a major network upgrade.
The broader catalyst was a market-wide rally triggered by softer-than-expected inflation data, which lifted Bitcoin and shifted overall market sentiment from 'fear' to 'neutral'. This macro improvement provided a tailwind for altcoins like IP.
The primary project-specific catalyst is the scheduled 'Yusanari' network upgrade, set for January 14th at 23:30 UTC. This upgrade aims to activate Ethereum Fusaka upgrade features on the Story Protocol, enhancing its capability to enable creators to manage intellectual property (IP) rights on-chain. In preparation, several major exchanges including OKX, HTX, and Upbit will temporarily block IP deposits and withdrawals during the upgrade window to prevent fund loss.
Technically, the recovery leg began at the 50-day Moving Average support. Analysts note the immediate upside target is the $5-$6 range, which aligns with the 61.8% Fibonacci level and the 200-day MA. The Relative Strength Index (RSI) broke above 87, indicating strong buying pressure but also signaling overbought conditions that historically preceded reversals, as seen in August and September 2025.
Despite the explosive price action, on-chain fundamentals tell a contrasting story. According to DeFiLlama data, the protocol's monthly revenue has plummeted from $94,000 in September 2025 to just $323 in December 2025, with only $152 generated so far in 2026. This indicates significantly low network activity and user traction, creating a stark mismatch between market price and underlying protocol utility.
