IP's dominance in the market has surged in the last 24 hours, defying the overall market trend with a remarkable 4% increase in price.

The surge in demand for this asset is evident in the soaring trading volume and short liquidations, propelling it towards potential new highs in the days ahead.

With a significant 53% spike in daily trading volume to $159.47 million, IP stands out amidst a broader market downturn that has seen a substantial drop in the total crypto market capitalization by $148 billion in the same timeframe.

This spike in price paired with increased trading volume signifies genuine market interest and rising demand for IP, distinguishing it from mere speculative trading activities.

Despite the prevailing bullish sentiment, data from the futures market indicates a surge in short positions against IP, reflected in the current long/short ratio of 0.97, suggesting a growing bearish sentiment among traders.

The ongoing price surge has triggered a short squeeze of nearly $1 million, compelling short sellers to close their positions, potentially driving the asset's price even higher in the near term.

Supported by positive Elder-Ray Index readings at 0.46, IP maintains a strong bullish trend, with the current price surpassing the bear power value, indicating an upward momentum that could see the token surge to $6.

However, a potential downturn in demand may lead IP's price to retreat to $4.36, highlighting the delicate balance between bullish momentum and market sentiment for this top gainer.