Story’s IP token has emerged as the top-performing asset in the cryptocurrency market on the day, despite a general decline in trading activity during the session. The altcoin has recorded a 3% increase in value and is continuing a bullish trend that began on July 11. Over the past week, the price of the token has risen by more than 20%, maintaining its strong performance even as the broader market experiences downward pressure.

The native token of Story, known as IP, is currently trading at $5.11. It has managed to maintain its position above a key technical support level, which has been a critical factor in driving its recent rally. Analysis of the IP\/USD one-day chart reveals that the token has consistently traded above an ascending trendline since July 11. This pattern, characterized by higher lows over time, is considered a bullish formation that indicates sustained buying interest and confidence among traders.

The ascending trendline has functioned as dynamic support for the token, contributing to its price appreciation even as the overall market has shown signs of weakness in recent trading sessions. Additionally, spot inflows into IP have remained stable over the past few days, reflecting ongoing investor interest and confidence in the token's long-term potential. According to data from Coinglass, despite a general trend of profit-taking across the market, IP has experienced consistent net inflows in the spot market over the last four days, with amounts exceeding $5 million.

When a cryptocurrency sees such spot net inflows, it means that more capital is entering the asset through spot market purchases than leaving through sales. This suggests increasing demand and confidence in the token’s near-term outlook. Although there was a modest net outflow of $157,000 from the IP spot market on the day, as some traders took profits, the overall sentiment surrounding the token remains positive.

Positive on-chain activity further supports the expectation of continued price growth in the short term. This sentiment is also reflected in the behavior of IP futures traders, as evidenced by the token’s funding rate, which has remained positive since July 20. As of the latest data, the funding rate stands at 0.0055%.

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures markets, designed to keep contract prices aligned with spot prices. A positive funding rate indicates that traders are paying a premium to hold long positions, signaling a bullish market sentiment. In the case of IP, this positive funding rate suggests that a significant portion of futures traders are taking long positions, reinforcing the token’s upward movement and indicating confidence in its continued price increase.

The ongoing rally of IP has enabled the token to surpass a long-standing resistance level at $4.92, a price point that had acted as a ceiling for several months. If this level transitions into a solid support floor, the token could build on its recent gains and potentially move toward $5.59, a high previously reached in March. However, if demand weakens, the token may experience a retracement, with the $4.92 level serving as a potential test point. Failure to hold this level could lead to a deeper correction, possibly pushing the price down to $3.83.

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