Story Protocol (IP) burst into the spotlight on a sudden breakout, but beneath the surface, sellers are still exerting pressure. What happened - IP jumped about 25% in a single day — its best daily performance in weeks — as buyers piled in after broader market conditions steadied. - Trading activity exploded with the move: total volume surged roughly 789% during the rally, taking daily turnover to about $157 million. (Source: CoinMarketCap) Where the action came from - The surge was driven largely by Asian flows. South Korea’s Upbit accounted for 45% of total volume — roughly $70.8 million — while Coinbase in the U.S. made up just 2.82% of activity. - The specific catalyst for the sudden interest from Asia is unclear, but the concentration of volume helped power the speed and magnitude of the advance. Derivatives and positioning - Perpetual market positioning showed only modest bullishness: the Long/Short Ratio sat near 1.00, indicating balance rather than conviction among traders. - However, the Open Interest–Weighted Funding Rate was -0.1638, signaling heavier short-side participation in perpetual markets (more sellers than buyers). That tilt increases downside risk even as spot volumes climb. (Source: CoinGlass) Technical picture - Chart structure looked constructive in places: IP formed a cup-and-handle pattern, a bullish continuation setup, but the pattern had not yet produced a confirmed breakout. - On-chain/flow indicators painted a mixed, cautionary picture. The Accumulation/Distribution line remained negative — improving slightly from about -63.8 million to -63.3 million — which implies ongoing net distribution by sellers. (Source: TradingView) - The Money Flow Index soared above 90, placing IP firmly in overbought territory and raising the odds of a near-term pullback or consolidation. Bottom line IP’s rally was impressive in scale and speed, fueled largely by concentrated Asian trading. Yet multiple warning signs — a neutral long/short split, negative A/D, overbought MFI, and a negative funding-rate signal in perpetuals — suggest the move could face significant resistance before a sustained continuation. Traders should treat the advance with caution and watch for confirmation of the cup-and-handle breakout or signs of distribution easing. Disclaimer: This article is for informational purposes only and is not investment advice. Cryptocurrency trading carries high risk; do your own research before making any decisions. Sources: CoinMarketCap, TradingView, CoinGlass. Read more AI-generated news on: undefined/news