Story (IP) has defied the broader market downturn following its recent listing on Kraken, with its market cap surging to over $1.3 billion and its daily trading volume reaching $151 million. This significant rally of nearly 16% on March 11 has propelled IP to an intraday high of $5.6, showcasing its resilience in the face of prevailing bearish trends in the crypto market.
Several factors have contributed to Story’s impressive performance, including its listing on the prestigious crypto exchange Kraken on March 10. Such listings often lead to increased investor interest, higher trading volumes, and price appreciation in the following days. Additionally, Story has been actively expanding its ecosystem, with the launch of the IP Portal on March 7 allowing users to register IP seamlessly and browse registered IP across any app on Story.
Furthermore, Story Protocol has integrated with the decentralized exchange Orderly to enhance liquidity for tokenized intellectual property, enabling developers to access deeper market depth and tighter spreads. The platform’s builder program, Story Academy, has also facilitated the launch of 38 projects in various areas, with some projects receiving grants and funding from prominent names like a16z, Hashed, and Orange DAO.
On-chain metrics and technical indicators suggest that IP’s gains could extend in the coming days. Continuous net outflows from exchanges since its launch indicate bullish sentiment among traders, while positive social sentiment and bullish momentum as indicated by the MACD and Aroon indicators on the 4-hour/USDT price chart further support this outlook.
If momentum continues, IP could attempt to retest the $6 psychological resistance level and break out of the descending parallel channel it has been stuck in since late February. A successful breakout could signal a trend reversal, although market uncertainty, particularly from escalating U.S.-China trade tensions, could pose a challenge to this momentum.
At the time of writing, IP was still up 6%, trading at $5.46 per coin. It is essential to note that this article does not constitute investment advice and is intended for educational purposes only.