Story (IP) Pushes to New Highs Amid Market Pullback

Story's native token IP has emerged as a standout performer, surging nearly 10% and reaching a record high of $14.92 amid broader market challenges. The altcoin's remarkable momentum defies market trends, showing strong bullish sentiment.

Story's native token IP has emerged as a standout performer, surging nearly 10% in 24 hours and reaching a record high of $14.92 while the broader market experiences a downturn.

The altcoin has demonstrated remarkable momentum, gaining 45% in just one week and defying the overall market's 2% decline. Multiple on-chain and technical indicators suggest the rally may have further to go.

Derivatives markets are showing strong bullish sentiment. The long/short ratio stands at 1.01, indicating that more traders are opening long positions than shorts. This suggests growing confidence in IP's continued price appreciation.

Technical Analysis

Chart by TradingView

On-Balance Volume (OBV) provides additional confirmation of the bullish trend. The indicator has surged 20% since September 16, rising to 30.77 million. This metric tracks buying and selling pressure, and its increase suggests sustained capital inflows supported by genuine market demand rather than speculative trading.

Technical analysis presents both opportunities and risks. Bulls are eyeing a potential breakthrough beyond the current all-time high of $14.92. However, traders must also be cautious of potential pullbacks. The $12.25 support level is critical; a failure to maintain this could trigger a correction toward $10.00.

Looking Ahead: The token's performance stands out as a beacon of strength in a relatively flat market, highlighting the potential for select altcoins to generate significant returns even during broader market consolidation.