IP price is up 14%, trading just 8% below its all-time high, fueled by its recent Upbit listing. However, as it nears ATH, the risk of a whale-driven sell-off looms large.
Story Protocol (IP) price is surging, up 14% in the past 24 hours, with trading volume skyrocketing by over 800% — likely fueled by its recent listing on Upbit.
The price has broken above the key local resistance zone around $6.20–$6.30 and is currently trading at $6.76. It’s now well above both the EMA 7 and EMA 20, with a bullish crossover between the two MAs and a widening gap, which signals building momentum.
Since bottoming at $2.44 on June 19, IP price has gained 173%, with a 30% single-day jump on July 11 — likely driven by two whale wallets (0x385D and 0xE0e6) scooping up a combined 1.67 million IP tokens worth over $7.4 million. That explosive move triggered the EMA bullish crossover, kicking off an accumulation phase that fueled the rally to the current peak.
Further momentum arrived on July 31, when Grayscale unveiled the Grayscale Story Trust, opening institutional channels for IP exposure. The announcement drove IP price to test the $6.60 resistance, but strong sell pressure capped the advance, resulting in a shooting star candle.
ATH or whale dump: what’s next for IP?
Considering those catalysts and the current technical setup, IP price appears poised to make a new ATH, currently trading approximately 8% below the previous ATH of $7.33 reached in February — if it can sustain momentum above the $6.30 breakout zone. However, it appears a bit extended from the 20-day EMA, which may lead to short-term pullbacks or consolidation.
It’s also worth noting that those whales who bought on July 11 are now up 30-40%, so if they are still holding, a sudden dump from them could trigger a sharp pullback or consolidation.
