Intellectual-property-based token Story [IP] has staged one of its biggest rallies in recent times, swinging 11% in a single move on the 21st of June. However, multiple data points show that large holders and investors betting on further upside have driven the asset’s rally.
Structurally, however, the rally does not look sound enough to qualify as a committed, long-term move. AMBCrypto breaks down the factors tied to IP and how they are likely to shape the asset’s near-term performance.
Whales drive the IP rally
Whales, which command large liquidity across the market, have driven much of this rally.
The Whale-Retail Delta, a metric that gauges whether whales or retail traders dominate activity in a given asset, confirmed that whales held the lead. The delta posted a reading of 0.218 as of writing, sitting firmly in the positive green zone.
A whale presence often shapes broader market sentiment around an asset, signalling it as a strong buy or sell, and these players tend to hold positions far longer than most other participants.
The Long/Short Ratio, a perpetual-market tool, indicates a comparable increase in long volume for IP. Across multiple exchanges, including Hyperliquid, Binance, OKX, Bybit, and KuCoin, the asset saw positive volume.
Binance and OKX alone account for $42.1 million of activity in the perpetual market, a sizeable slice of the roughly $82.56 million in total volume, more than 50% of the market’s turnover.
Why IP’s short- and long-term outlooks clash
The short- and long-term outlooks differ on whether the rally is sustainable.
The daily chart for IP shows the asset trading within a consolidation channel that could lead to a further breakdown in price and a bearish setup.
In the previous two instances where price consolidated in this way, the move often gave way to a major decline afterward, as the chart shows, and a repeat could send IP swinging lower.
On the flip side, the short-term picture leans partially bullish for IP on the 4-hour chart, with an inverse head-and-shoulders pattern signalling that a rally could still unfold.
First, though, price needs to break decisively above the dotted resistance line it recently tested. A clean breakout from this zone would strengthen the outlook and allow IP to trend even higher.
Are investors buying or selling IP?
The Accumulation/Distribution (A/D) indicator, read across both higher and lower timeframes, suggests investors remain unconvinced by the rally. Traders have distributed a total of 274 million in IP volume into the market, pressure that could drag the asset even lower on the chart.
The daily timeframe has ticked slightly higher, though not yet decisively. A sustained uptrend in the A/D indicator would point to a stronger IP rally, invalidate the bearish fractal pattern, and trigger a breakout from the inverse head-and-shoulders level.
Final Summary
- Big-money investors, not everyday traders, powered IP’s recent 11% climb, which often means the move depends on whether those large holders stick around.
- The bullish and bearish signals are roughly balanced, so the token could just as easily reverse as keep rising from here.
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