IP token price breaks $6, riding a month-long rally.
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Key Takeaways
IP, the native token of the Story Protocol, has surged 120%, pushing its price above $6.
The DMI shows rising buying pressure, and a rising ADX indicates a strengthening trend.
IP’s price could break $8 or higher with record-high OI and continued bullish momentum.
IP, the native token of the Story Protocol, has skyrocketed 120% over the past 30 days. As a result, IP’s price has pushed above $6 — the highest level since Feb. 27.
This rally has also brought the altcoin within striking distance of setting a new all-time high.
The key question is whether IP can seal the deal in the short term. For that to happen, it will likely need sustained buying momentum, favorable market sentiment, and no sudden change in broader market trends.
Let’s analyze the price action using on-chain analytics and technical indicators.
Story Token Finds Support at Key Levels
As of this writing, the IP token trades within an ascending parallel channel, displaying higher highs and lows. This structure suggests buyers are consistently stepping in to support the IP price at key levels.
Adding to the bullish case, the Directional Movement Index (DMI) shows a strong setup. The +DMI (green) sits at 36.09, well above the -DMI (red) at 9.99, indicating that buying pressure firmly dominates selling activity.
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Meanwhile, the Average Directional Index (ADX) is rising, signaling that the current trend is strengthening.
A rising ADX above 25 means the momentum behind the trend — in this case, bullish — is gaining traction. If this position holds, it could soon fuel IP’s push toward a new all-time high.
Outside of that, Coinglass data reveals that the IP token’s Open Interest (OI) has surged to a record high of $169.57 million.
This spike in OI suggests a significant influx of capital into IP derivatives markets, indicating heightened trader engagement around the token’s price action.
On the daily chart, CCN notes that IP’s price is also moving within an ascending parallel channel, similar to the structure seen on the 4-hour chart.
This bullish formation emerged after the Story IP token broke out of a falling wedge. This reversal pattern signals the end of a downtrend and a sustained upward move.
As long as this setup remains the same, IP’s price might hit $8 in the short term. If buying pressure increases at that level, the altcoin might reach $12.11 in the long run.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
