IP price has dropped 48% over the past 5 days as investors booked profits after it hit a new all-time high over the weekend. A confirmed bearish pattern now points to more losses in the coming days.
According to data from crypto.news, Story Protocol (IP) was trading at $7.59, down 24.5% over the past 24 hours and 48% below its new all-time high of $14.78 reached earlier on Sep. 21.
Notably, Story’s price rallied to its new record high amid renewed community discussion after the project announced it would host the Origin Summit, held on Sep. 23, 2025, in Seoul during Korea Blockchain Week.
The summit, which served as a landmark event at the intersection of AI, intellectual property, and blockchain, brought together speakers and executives from leading entertainment and IP companies such as HYBE and SM Entertainment, alongside major crypto and investment firms, including Polygon, Grayscale, and Animoca Brands, to discuss the tokenization goals of IP through Story’s infrastructure.
Hosting major events like this helps improve a project’s visibility and often draws investor attention, which can translate into stronger support and long-term interest.
Other major developments that supported the rally include the launch of the IP Vault, which helps secure IP data by storing it on-chain, and real-world adoption through high-profile IP partnerships.
Aria, an IP tokenization project built on Story, recently announced plans to tokenize $100 million worth of K-pop IP on the Story blockchain, a move widely seen by the community as a high-profile endorsement of the platform’s real-world potential. With landmark IPs like Pinkfong’s “Baby Shark” also joining the platform, investors likely see this as a sign that Story Protocol is actively powering the tokenization of some of the most recognizable content in global entertainment.
Although these developments helped fuel the rally, their impact was undercut as investors began booking profits. It is quite typical for cryptocurrencies to experience some pullback after strong rallies, especially after an asset hits a new all-time high, as is the case for IP.
Some of the selling pressure also stemmed from the broader crypto market downturn, which followed a fresh wave of tariffs announced by U.S. President Donald Trump and growing uncertainty over whether the Federal Reserve will move ahead with additional rate cuts this year.
Bitcoin (BTC) and many other top altcoins recorded losses on the day, and the crypto fear and greed index fell deep into ‘fear’ territory.
Crypto traders are now awaiting cues from today’s PCE data release, the Fed’s preferred measure of inflation, which could offer clarity on the central bank’s next move.
On the daily chart, IP price has dropped below the lower trendline of an ascending broadening wedge that has been forming since late August this year. In technical analysis, this bearish reversal pattern develops during an uptrend when an asset’s price records successive higher highs and higher lows within two diverging upward-sloping lines.
Following the bearish breakout, Story’s price has dropped below the 50-day simple moving average as sellers began to dominate price action.
Momentum indicators like the MACD were also flashing bearish signals today, with the MACD line crossing below the signal line, which is another telling sign that sellers are currently the dominant force.
Based on these bearish signs, IP remains vulnerable to downside action in the upcoming sessions unless the border market sentiment improves or a major bullish catalyst emerges.
As of press time, the next key support level for IP lies at $5.4, 29% below the current level. If bulls fail to defend this support, it could lead to a deeper correction towards $2.4, which marks the token’s lowest point in June.
