Story Protocol (IP) is a newly launched crypto AI project that has been making waves in the cryptocurrency space with its impressive performance. In the past 24 hours, while major assets like Bitcoin (BTC) and Ethereum (ETH) have struggled to gain momentum, IP has soared over 40%, defying the bearish market trend.
With significant upside momentum, IP is currently trading near $3.73. Meanwhile, traders and investors have shown strong participation, resulting in a 63% surge in trading volume.
Not only has IP outperformed major assets, but it has also secured a spot among the top 10 crypto AI tokens by replacing Virtual Protocol (VIRTUAL). However, the potential reason for this rally is yet unknown, but experts hint that continuous accumulation by whales might be the driving factor.
According to expert technical analysis, IP appears bullish as the Average Directional Index (ADX) stands at 61, indicating strong bullish momentum. This suggests that the rally may continue further until it reaches the $4 mark.
Besides the indicators’ bullish outlook, there is also a possibility that the asset may experience a price correction before soaring significantly. Other than this, market sentiment remains highly bullish, and the asset may continue its upside momentum.
Looking at the bullish outlook, investors have been accumulating the token, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of a significant $4.67 million worth of IP tokens, indicating potential accumulation by whales and investors. Such outflows from exchanges can create buying pressure and drive further upside momentum.
Besides the rising interest from long-term holders and whales in the AI token, intraday traders have also been actively betting on the asset. Data shows that IP’s open interest (OI) has soared by a record 52% in the past 24 hours, indicating a significant increase in new open positions.
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