IP price has jumped 14%, now trading just 8% shy of its all-time high, driven by its recent Upbit debut. Yet, with the milestone in sight, the risk of a whale-triggered sell-off remains a key concern.
Story Protocol has seen a sharp surge, climbing 14% in the past 24 hours, while trading volume has exploded by more than 800% — momentum likely sparked by the Upbit listing.
The token has broken past a crucial local resistance zone at $6.20–$6.30 and is now changing hands at $6.76. It sits comfortably above both the EMA 7 and EMA 20, with a bullish crossover and widening gap between the two moving averages, signaling strengthening upside momentum.
Since hitting a low of $2.44 on June 19, IP has soared 173%, including a sharp 30% single-day spike on July 11 — likely fueled by two whale wallets (0x385D and 0xE0e6) accumulating a combined 1.67 million IP tokens valued at over $7.4 million. This surge ignited a bullish EMA crossover, marking the start of an accumulation phase that propelled the rally to its current highs.
Additional momentum came on July 31, when Grayscale announced the launch of the Grayscale Story Trust, opening the door for institutional IP exposure. The news pushed the token to challenge the $6.60 resistance, but heavy sell pressure forced a pullback, forming a shooting star candle on the chart.
ATH or whale sell-off: What’s next for IP?
Given the recent catalysts and current technical setup, IP looks positioned to challenge a new ATH, now trading about 8% below the February peak of $7.33 — provided it can hold momentum above the $6.30 breakout level. However, the price is currently stretched above the 20-day EMA, suggesting the potential for short-term pullbacks or consolidation.
Notably, the whales who accumulated on July 11 are now sitting on 30–40% gains. If they decide to take profits, a swift sell-off from these large holders could spark a sharp retracement or period of sideways movement.
