IP Token Price Analysis: Pullback After $11.75 Peak
Story Protocol (IP) recently reached a new all-time high (ATH) of $11.75, driven by strong volume and growing investor interest. While the token has pulled back slightly from overbought levels, it continues to trade above the $10.00 mark, holding most of its gains from the surge.
Key Technical Levels in Focus
The previous ATH of $9.10, set in late August, now serves as an important short-term reference point. However, a broader support range lies between $8.20 and $8.60, which aligns with the 0.382 Fibonacci retracement and previous consolidation levels. Analysts view this area as a key buffer zone in case of further price correction.
If that support breaks, potential downside targets include $7.50, near the 20-day simple moving average (SMA), and $6.50, which coincides with the 0.618 Fibonacci level.
On the upside, the next technical target remains a retest of $11.75. A confirmed breakout above this level, especially with increased volume, could pave the way toward the $13.50–$14.00 zone. The $15.00 level also stands out as a notable psychological resistance.
What’s Behind IP’s Price Momentum?
IP’s rally was largely sparked by Heritage Distilling’s August 11 announcement of a $220 million PIPE financing deal, which included establishing a public IP token treasury — a first for a Nasdaq-listed company.
According to company disclosures, Heritage initially acquired $82 million worth of IP tokens from the Story Foundation at around $3.40 per token, and by August 25, increased its holdings to over 53 million tokens, valuing the treasury at approximately $320 million.
Additionally, the Story Foundation’s $82 million open-market buyback program, launched on August 15 and running through November 16, continues to add upward pressure on the token.
