IP defied the broader market downturn following its recent listing on Kraken, supported by ongoing ecosystem developments.
Story (IP) rallied nearly 16% to an intraday high of $5.6 on March 11, afternoon Asian time, flipping out of the bearish trend as its market cap surged to over $1.3 billion. Its daily trading volume stood at $151 million, while the altcoin’s circulating supply stood at over 250 million tokens.
A host of partnerships and developments surrounding Story has helped IP outpace the bearish trend currently prevailing in the broader crypto market, which fell 5% over the past day as of press time.
First, Story secured a listing on the crypto exchange Kraken on March 10. Typically, a listing on such a top-tier crypto exchange leads to a spike in investor interest, which often results in increased trading volume and price appreciation in the following days.
Second, Story has continued to progress on its roadmap to expand its ecosystem. The latest development is the launch of the IP Portal, which was opened for public preview on March 7.
The platform makes it easy for users to register IP seamlessly and browse registered IP across any app on Story. Investor sentiment and confidence usually rise when a project stays true to its commitments.
Third, Story Protocol has integrated with the decentralized exchange, Orderly, to enhance its ecosystem by unlocking greater liquidity for tokenized intellectual property. This partnership enables developers to access deeper market depth and tighter spreads, making it easier to trade and monetize IP assets such as AI training data, patents, brands, and digital content within decentralized applications.
Additionally, Story Protocol’s ecosystem is growing thanks to its builder program. Story Academy has helped launch 38 projects in different areas like IPFi, AI, and consumer apps. Some projects, like Sekai, Magma, and Mahojin, have even received grants and funding from big names like a16z, Hashed, and Orange DAO.
IP price analysis
On-chain metrics and technical indicators suggest the gains could extend over the coming days.
According to data from CoinGlass, Story has been experiencing continuous net outflows from exchanges since its launch, indicating that the majority of traders are bullish over the token’s long-term potential.
Meanwhile, its social sentiment has also flipped positive over the past day.
On the 4-hour/USDT price chart, the MACD and signal lines have pointed upwards and have risen above the price level, an indication that bullish momentum has been building.
The Arron Up indicator at 92.86% and the Aroon Down at 14.29% confirm strong buying pressure, which signals a sustained dominant uptrend.
If momentum continues, IP could rally further and attempt to retest the $6 psychological resistance, which it failed to break earlier this month. A successful breakout above this level could also push IP beyond the descending parallel channel it has been stuck in since late February.
Such a breakout is generally seen as a trend-reversal signal. However, lingering market uncertainty, especially from escalating U.S.-China trade tensions, could undermine this momentum.
At press time, IP was still up 6%, exchanging hands at $5.46 per coin.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
