Story Protocol Sets New ATH Price Targets After Upbit Listing and Whale Acquisitions
The value of IP has surged by 14%, now just 8% shy of its all-time high, primarily fueled by its recent listing on Upbit. However, as it nears this peak, the risk of large investors triggering a sell-off is rising.
Story Protocol (IP) is on the rise, experiencing a 14% uptick in the past 24 hours with trading volume soaring by over 800%, likely due to its recent inclusion on Upbit.
The price has broken through the crucial local resistance zone of $6.20–$6.30 and is currently trading at $6.76. It remains well above the EMA 7 and EMA 20, indicating a bullish crossover between these two moving averages, coupled with an expanding gap that signals growing momentum.
Since hitting a low of $2.44 on June 19, IP has skyrocketed by 173%, marked by a 30% increase in one day on July 11, likely driven by two whale wallets (0x385D and 0xE0e6) purchasing a combined 1.67 million IP tokens worth over $7.4 million. This pivotal event triggered the EMA bullish crossover, starting an accumulation phase that fueled the rise to its current level.
Additional momentum came on July 31 with Grayscale’s launch of the Grayscale Story Trust, creating institutional options for exposure to IP. This news prompted IP to test the $6.60 resistance, but significant selling pressure capped its rise, resulting in a shooting star candle formation.
ATH or whale dump: what lies ahead for IP?
Considering the various catalysts and current technical indicators, IP seems poised to aim for a new all-time high, trading approximately 8% below the previous peak of $7.33 reached in February—assuming it can sustain momentum above the $6.30 breakout level. However, it may be slightly overextended from the 20-day EMA, which could lead to short-term pullbacks or a period of consolidation.
It’s crucial to note that the whales who made purchases on July 11 are currently seeing gains of 30-40%, and should they choose to sell, it could trigger a sudden decline or consolidation in price.