IP surged to an all-time high of $11.75 as Heritage Distilling expanded its token holdings and initiated a strategic buyback program, driving strong investor demand.
IP Price Technical Overview
Story Protocol (IP) reached $11.75 yesterday on robust trading volume and is now experiencing a mild pullback from overbought levels. Despite this, it retains most of yesterday’s gains, currently trading around $10.20.
The previous all-time high near $9.10, set in late August, now serves as an important reference point. Broader support lies between $8.20 and $8.60, where multiple candle bodies previously topped out and which aligns with the 0.382 Fibonacci retracement level. This range is expected to act as a stronger support zone during the next pullback.
If the $8.20–$8.60 support zone fails to hold, the next areas of interest are around $7.50 (SMA 20), followed by a stronger support near $6.50, which also aligns with the 0.618 Fibonacci retracement.
On the upside, a retest of the $11.75 all-time high remains the immediate target. A decisive breakout above this level with strong volume could pave the way toward the $13.50–$14.00 range, based on the measured move from the previous rally, with $15.00 acting as a notable psychological barrier further ahead.
What’s Driving IP Price?
The recent rally in IP is largely driven by Heritage Distilling’s August 11 announcement of a $220 million PIPE financing and the creation of a public IP token treasury — a first for a Nasdaq-listed company. Under this deal, $82 million was used to purchase IP tokens directly from Story Foundation at approximately $3.40 per token.
By August 25, Heritage had expanded its IP holdings to over 53 million tokens, bringing the total treasury value to $320 million. As part of the ongoing strategy, the Story Foundation launched its $82 million open-market buyback program on August 15, scheduled to run through November 16.
