Story Protocol Rises 14% on Upbit Listing and Whale Buying

Generated by AI AgentCoin World
Friday, Aug 8, 2025 7:05 am ET1min read
ZRX
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Aime RobotAime Summary

- Story Protocol (IP) surged 14% with 800% volume spike after listing on Upbit, breaking above $6.30 resistance to $6.76.

- Whale wallets 0x385D and 0xE0e6 bought 1.67M IP ($7.4M) in July, triggering bullish EMA crossover and 173% price rally.

- Grayscale's Story Trust boosted institutional exposure to IP, pushing price toward $6.60 but forming a bearish shooting star pattern.

- Current price remains 8% below February's $7.33 ATH, with whale-driven sell-offs posing short-term volatility risks despite strong accumulation.

Story Protocol (IP) is showing signs of a potential new all-time high (ATH) after a recent surge in price and volume. Over the past 24 hours, IP has risen 14%, with trading volume spiking by over 800%, a move likely attributed to its recent listing on the Upbit exchange [1]. The price has now broken above a key resistance zone between $6.20 and $6.30 and is currently trading at $6.76 [1]. The coin is also sitting above both the 7-day and 20-day exponential moving averages (EMAs), with a bullish crossover indicating growing upward momentum [1].

The recent rally follows a significant price rebound from a low of $2.44 on June 19. Over the next few weeks, IP surged 173%, including a 30% single-day jump on July 11. This sharp increase was likely driven by two large whale wallets—0x385D and 0xE0e6—which collectively purchased 1.67 million IP tokens valued at over $7.4 million [1]. These whale activities triggered the EMA bullish crossover and initiated an accumulation phase that led to the current price peak.

Further support for the upward trend came on July 31 when Grayscale launched the Grayscale Story Trust, providing institutional investors with a regulated way to gain exposure to IP. This development pushed the price toward $6.60, but strong sell pressure limited the advance, forming a shooting star candlestick pattern [1].

Despite the positive momentum, analysts highlight the risk of a whale-driven sell-off. The wallets that made large purchases on July 11 are currently up 30-40%, meaning a sudden dump could trigger a sharp pullback or consolidation [1]. If the price can maintain its position above the $6.30 breakout zone, IP may be on track for a new ATH. However, the current price is about 8% below the previous ATH of $7.33 set in February, and the coin appears somewhat overextended from the 20-day EMA, suggesting short-term volatility is possible [1].

Source: [1] Story Protocol price eyes new ATH, buoyed by Upbit listing and whale buys (https://coinmarketcap.com/community/articles/6895d64c2b7b6c46706e5eff/)