Story Protocol surges 10% on OKX Ventures partnership, eyes $4 target

Story Protocol's price has surged, breaking above the upper boundary of its accumulation range and setting its sights on a potential target of $4.00. This bullish pattern has captured the attention of investors and analysts, who are closely monitoring the cryptocurrency's trajectory.

The price of Story Protocol (IP) has increased by 10% in the past 24 hours, currently trading at $3.21. After recently bouncing off the lower boundary of the accumulation range, the price has now tested the upper boundary, reaching an intraday high of $3.40. This surge has brought the price to the neckline of a confirmed double bottom pattern, with the two bottoms forming at the range’s lower boundary around $2.80 — a strong support zone tested four times. The latest test triggered a sharp rebound on rising volume, reinforcing the breakout’s potential.

A confirmed breakout would require a 4H or daily close above the neckline around $3.3. If confirmed, the pattern implies a measured move target near $3.8 – $4, based on the depth of the formation. An ascending trendline connecting higher lows since June 18 reinforces the bullish outlook. Additionally, the price broke above both the 20 EMA and 50 SMA after bouncing from the second bottom, with the 20 EMA crossing above the 50 SMA in a bullish crossover.

The price rebound comes after a major development on the fundamental front. On June 24, Story Protocol announced it had partnered with OKX Ventures to launch a $10M fund for startups. The fund aims to support early-stage teams creating infrastructure and applications that transform IP into programmable, on-chain financial assets. Selected startups will receive capital, technical guidance, and access to Story’s and OKX’s resources, accelerating innovation in IP tokenization, licensing solutions, and AI data marketplaces.

This partnership and the subsequent fund launch have bolstered investor confidence in Story Protocol, contributing to the recent price surge. The cryptocurrency's strong performance and the growing interest from institutional investors position it as a viable option for those seeking to diversify their portfolios and capitalize on the potential growth of the digital asset market.

Analysts have noted that the breakout from the accumulation range is a positive sign for Story Protocol, indicating that the cryptocurrency has built a solid foundation of support. This support is crucial for sustaining further price increases and attracting new investors. The target of $4 is seen as a realistic and achievable goal, given the current momentum and market sentiment.

In conclusion, Story Protocol's price breakout from its accumulation range and its target of $4 represent a significant milestone for the cryptocurrency. This development underscores the growing confidence in Story Protocol's potential and its ability to navigate the challenges of the crypto market. As the cryptocurrency continues to gain traction, it is poised to play an increasingly important role in the broader digital asset landscape.