The cryptocurrency market fell over 3.5% on February 28, 2026, amid geopolitical tensions following an Israeli strike on Iran. The native token of Story Protocol, IP, dropped over 12% at press time, extending a two-month price slump during which it lost more than 90% of its value from its peak. Technical analysis indicated the altcoin was trending toward a key support level of $0.80, while on-chain data showed a significant decline in network activity and active accounts.
The broader cryptocurrency market declined more than 3.5% as a military strike by Israel on Iran sparked fresh geopolitical fears. The altcoin Story Protocol (IP) was down over 12% at press time, with its daily trading volume dropping 16% to approximately $43 million.
Throughout February, IP traded within a descending trend channel but recently broke below a key support level. IP now appears headed toward $0.80, the lower boundary of its channel.
Technical indicators showed the Moving Average Convergence Divergence (MACD) signaling growing seller momentum. Meanwhile, the Relative Strength Index (RSI) registered an oversold reading of 17.29, indicating intense bearish pressure.
Network activity data from Storyscan revealed a sharp decline in active accounts from 1,033 to 208 in February. The amount of IP tokens spent on gas fees also fell drastically from about 43 tokens to 1.73 tokens in the same period.
Despite the decline in key activity metrics, the number of cumulative transactions continued rising to 95.10 million. Data also showed new transactions were up, suggesting potential new market participants.
The combined weight of bearish chart patterns and declining on-chain activity placed IP on a path toward the $0.80 support level. The market’s reaction at that price point was expected to determine the token’s next directional move.
