Story (IP) Surges 100% on Korean Trading Activity, But On-Chain Adoption Remains Stagnant

• Story (IP) has surged over 100% in early 2026, with the price rising from $1.50 to over $3.00 according to reports.
• The price rally is primarily driven by South Korean trading activity, particularly on exchanges like Upbit, which accounted for nearly half of the total trading volume.
• Despite the strong price performance, on-chain metrics such as active accounts and new users have declined significantly, raising concerns about sustainability.

Story (IP), a Layer-1 blockchain project focused on tokenizing intellectual property, has seen a dramatic price increase in early 2026. The token doubled in value, moving from a local low near $1.50 to above $3.00. This surge has drawn attention from both retail and institutional investors, particularly in South Korea, where trading volume on platforms like Upbit has spiked.

The price movement has not translated into improved on-chain adoption. Data from Storyscan shows that the number of daily active accounts has dropped by nearly 95% from over 10,000 to below 500, while new account creation remains stagnant.

Technical analysts have noted that the price rally faces a key resistance zone between $3.00 and $3.30. A breakout above this level could signal a more sustainable uptrend, but investors are advised to wait for confirmation before taking further positions.

What Drives the Recent Rally?

The recent surge in IP's price is primarily attributed to increased trading activity from South Korean traders and whale participation. Upbit, one of South Korea's largest exchanges, accounted for over 45% of the total trading volume in the past 24 hours. This has led to renewed interest in the token, with many attributing the rally to the "Kimchi premium" and FOMO (fear of missing out) among regional traders.

Additionally, the token has benefited from a broader market rotation toward narrative-driven assets, particularly those tied to real-world use cases like intellectual property and infrastructure. The Story Protocol has repositioned itself around tokenized IP and creator monetization, attracting fresh capital from investors seeking value beyond memecoins and short-term hype.

Liquidity and supply constraints have also played a role in the price movement. IP's relatively thin liquidity means that even modest inflows can generate significant price reactions.

What Do Analysts Say About the Sustainability of the Rally?

While the price rebound is positive, many analysts caution that the rally may not be sustainable unless on-chain adoption improves. The decline in active accounts and new users suggests that the price increase is largely speculative and not reflective of real-world usage according to reports.

Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest mixed signals. The RSI is currently in the overbought zone at 73, indicating a potential pullback due to profit-taking. Meanwhile, the MACD histogram shows indiscreteness, signaling a lack of strong directional momentum.

A key concern for traders is the heavy concentration of trading activity on South Korean exchanges. While this has driven the recent surge, it raises questions about the token's ability to gain broader market participation beyond the region. For the rally to be considered a confirmed uptrend, the price must break above the $3.00–$3.30 resistance zone.

Until then, the sustainability of the rally will depend on whether the token can attract a more diverse investor base and demonstrate meaningful growth in real-world adoption.