Recently, the market performance of Story Protocol has indeed attracted attention. The 24-hour increase reached as high as 37.2%, with the price approaching $3.89, and the daily trading volume hitting $682 million. Such a surge appears to be strongly bullish, but a deeper analysis reveals that the situation is not so optimistic.

From a technical perspective, the rebound's strength is actually difficult to sustain. Examining the candlestick structure shows that IP has attempted to rebound near $4.14 multiple times, but each time it was blocked at the 20-day and 50-day moving averages, failing to break through effectively. More importantly, the short-term moving averages have already fallen below the medium-term moving averages, forming a typical bearish alignment, indicating that the trend is weakening.

Looking at volume, this rebound exhibits clear "price rise with decreasing volume" characteristics. The increased volume mostly comes from short covering or short-term capital battles, with no real influx of new funds. Resistance from trapped positions above remains, and bullish sentiment is evidently lacking. Each small rally easily becomes an opportunity for bears to build positions. The originally oscillating but bullish rhythm has now shifted to a more bearish one.

The fundamental aspects of the ecosystem are also not very promising. While Story Protocol has a narrative around tokenizing IP assets, the actual application scenarios are not yet solidly implemented. TVL has not formed a stable positive feedback loop, and ecosystem activity remains limited. This indicates that the project itself lacks sustained growth momentum as support.

Overall, this wave of upward movement is more driven by emotional rebound, and the resistance structure remains clear.