- The price of Story Protocol (IP) recently touched a new record-high of $11.75.
- The rally resulted from positive developments within its ecosystem, including the asset’s adoption as a treasury reserve, listing on a major exchange, and positive technical trends.
Story Protocol (IP) experienced a significant surge in the last 24 hours, leading to a new all-time high (ATH) at $11.75. Technical analysts believe there’s more fuel left for the token’s rally to new heights.
Along the way, the utility token of Story Protocol’s Layer 1 (L1) blockchain displayed a whopping 590% boost in trading volume as it moved over $669 million worth of assets across wallet addresses within the timeframe. Meanwhile, the rally caused IP’s market cap to peak at around $3.568 billion.
What Fueled the Story Protocol (IP) Pump?
Analysts attributed IP’s uptrend to a series of events directly linked to the token’s ecosystem and charts. These include Heritage Distilling’s $82 million buyback activation, technical pattern breakouts, and listing in Upbit.
$82M Buyback
Last month, Heritage Distilling, a Nasdaq-listed company, announced the launch of its $360 million IP token reserve. It came with a $220 million Private Investment in Public Equity (PIPE) financing deal, comprising $100 million in cash and $120 million in IP tokens.
Under the new venture, the craft distillery company has allocated $82 million for a buyback program to acquire IP tokens directly from the Story Foundation at a fixed $3.40 per token. The buyback began in mid-August and is slated to run for 90 days until mid-November.
Despite the massive discrepancy in Story Foundation’s IP sale to Heritage Distilling, its willingness to absorb the discount to prevent avoidable fluctuations underscores its long-term commitment to the project’s ecosystem. Meanwhile, the landmark institutional accumulation injects a significant amount of new capital into the Story Protocol market, while effectively reducing its token’s circulating supply.
Upbit Listing
Adding to the bullish momentum was the recent listing of the IP token on Upbit, one of the largest crypto exchanges in South Korea. This exposes the token to a new and larger pool of retail investors. Such expansion in coverage often leads to a substantial increase in trading volume and price.
The listing, which occurred on August 8, created a major liquidity event and contributed to the token’s measured across the month. Bybit offers IP under trading pairs against the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT).
Favorable Technical Readings
Prior to its price jump today, the IP token had formed bullish technical patterns, including a breakout of a long-term descending channel and a surge in on-chain activity. The reported movement of more assets across wallets within 24 hours reflects not only the heightened trading volume from the Upbit listing but also a significant influx of capital from new and existing investors.
While the rally has been extraordinary, analysts are quick to caution that the token’s 14-day Relative Strength Index (RSI) has recently hit the overbought territory in the aftermath of its ATH, suggesting a potential for a short-term pullback or consolidation. However, the prevailing sentiment is that the strong fundamentals—driven by the buyback, growing ecosystem utility, and increasing institutional interest—will sustain the token’s uptrend.
The next key price targets for IP are now set in the $13.50-$15.00 range, and even potentially reaching as high as $20 by the end of 2025 if the current momentum holds.
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