Layer-1 (L1) token IP continues its winning streak, with a remarkable 30% surge in price over the last 24 hours, making it the top-performing asset in the market.

Amidst a wave of positive market sentiment, IP is eyeing a return to its record high.

Defying the broader market downtrend, IP's price has soared by 30% in the past day, breaking free from the descending parallel channel that constrained its value between February 21 and 25.

Breaking out of this channel signals a shift from bearish to bullish momentum for IP, showcasing a weakening selling pressure and a strengthening grip by buyers. The surge in trading volume by 197% in the last 24 hours, reaching a record $1.73 billion, underscores the significant demand for this altcoin.

An increase in trading volume during a price surge typically indicates robust market engagement, confirming the legitimacy of the upward movement. This surge in volume suggests growing interest among IP traders, reinforcing confidence in the breakout and hinting at the potential for sustained growth.

Notably, IP has managed to turn the $6 resistance level into a supportive foundation on the hourly chart. Maintaining this level and a continued demand surge could propel IP towards its peak of $9.

However, a breach below this support level could see IP retracing back into the descending channel, potentially settling around $4.36.