The Layer-1 (L1) coin IP has experienced a 30% price increase in the past 24 hours, making it the best-performing asset in the market during that period. This surge in price is seen as a bullish trend reversal after breaking out of a descending parallel channel that kept its price in a downtrend. The increase in trading volume, reaching an all-time high of $1.73 billion, indicates strong market participation and confidence in the breakout. If the support floor at $6 holds and demand continues to grow, IP could rally towards its all-time high of $9. However, a break below this support floor could result in a return to the descending parallel channel and a potential trading price of $4.36.



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