Story Protocol's IP Token Surges 25% in Value, Trading Volume Jumps 170%

AI tokens have been experiencing a surge in popularity, with Story Protocol's [IP] token leading the charge. The altcoin market has been on the rise, with AI coins such as IP and Injective [INJ] showing significant gains. IP, in particular, saw a 25% increase in value within a single day, with its trading volume surging to $181.44 million, marking a 170% increase. Despite this impressive performance, IP still has some ground to cover to reach its all-time high of $8.96, which it is currently 52% below.

The price surge of IP indicates that the continuation of the uptrend is still a possibility. The token's price has broken through a descending channel and moved above the resistance level, which had previously confined its upward advances. The channel's top was at $7, while its low was at $2.5. At the time of reporting, IP was trading at $4.386 and appeared to be heading towards the pattern's lower boundary at $3.80, where a decisive move—either a rebound or a breakdown—may occur.

Buyers have been driving the charge, with the Money Flow Index (MFI) at 77.46 indicating strong buying pressure, almost reaching an overbought level. The On-Balance Volume (OBV) is still appreciating, suggesting that the buying momentum is still in effect. However, if IP fails to break above $5 after the retest, it may prompt a downside decline to $3.60, a former support zone. If IP manages to reclaim $5 and flip it into support, the bullish thesis could stay alive.

On the CoinGlass Liquidation Heatmap, dense clusters of liquidations were stacked between $4.5 and $5.08, including a high-concentration zone at $516K. This level aligns perfectly with the resistance IP just failed to conquer, implying that it’s not just technical traders watching this line—leverage is loaded here too. If the price reclaims this region, another round of short liquidations could cascade upwards. However, failure to hold $4.3 might just as easily unravel bullish momentum.

Chain activity on Story Scan indicates that various important metrics are currently rising. The Cumulative Completed Transactions of IP were 34.907 million transactions, while 253,807 accounted for the last 24 hours alone. The overall number of accounts crossed 772,858, while Active Accounts were below 10,000. The total addresses stood at 3.83 million, with new transactions staying flat since the 29th of July, and the total volume of IP transfers at 1.789 million at press time. Additionally, the active accounts indicated an increasing engagement, with a significant rise in early July. Contract activity backed this rise in participation, with 2,742 new contracts confirmed over the past two weeks, raising the total count to 321,935. Such spikes in on-chain deployments often precede platform stickiness, supporting the thesis that this isn’t just a one-day pump.