Story IP has continued its moonish run, chugging up 14.77% overnight to find base near $14.14. With its market cap soaring to a healthy $4.4 billion and daily trading volume up 90% to $542.77 million, the token is the talk of the town. With the token setting a new all-time high at $14.89 just hours ago, the question now is whether momentum can keep pace or if a short-term cooldown is likely.
Wondering what led to the run? Behind the rally lies a mix of technical and fundamental drivers. The September 10 listing of IP/JPY on Japan’s largest exchange, Bitbank, fueled a 31% price surge. Which expanded liquidity and attracted retail demand.
Institutional confidence has also played a major role. Successively, Grayscale’s launch of an IP-focused trust and Heritage Distilling’s $82 million token purchase have brought in credibility. Meanwhile, Story’s partnership with Worldcoin to verify IP ownership onchain further strengthens its positioning in the AI and digital rights narrative.
From a technical perspective, IP price has broken decisively above the critical Fibonacci resistance at $12.67. The token now trades comfortably above its major moving averages, with the 7-day SMA at $10.92 and the 30-day SMA at $8.64, signaling sustained upward pressure.
The RSI-14 sits deep in overbought territory at 73, reflecting strong buying activity but also hinting at exhaustion risks. That being said, looking at the chart, the key levels to watch include $14.914, the recent swing high. A breakout above it could open the path toward the 127.2% Fibonacci extension at $17.46. Contrarily, a drop below $12.581 may encourage traders to lock in gains, possibly cooling the rally.
However, still, sustainability questions linger. Protocol revenue remains under $50 daily, raising concerns about whether the lofty $4.4 billion valuation is supported by real-world usage.
The rally was driven by the Bitbank listing, bullish technicals, and growing institutional support.
Resistance is near $14.914 and $17.46. Support rests around $12.581.
Yes, with RSI above 70, IP is overbought, suggesting a possible short-term pullback.
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