Story Protocol’s native token IP spiked above $6.40 overnight before easing to $6.07, marking an 8.6% daily gain on volumes that surged 214% to $130M.
Story Protocol Buyback Fuels Rally and Institutional Demand
The performance came as the Story Foundation launched its $82 million open-market buyback program on August 25, funded through a treasury partnership with Heritage Distilling. Running through November 16, the 90-day program aims to absorb selling pressure and align incentives with long-term holders.
Buybacks are rare in the crypto space, and the announcement has fueled speculation that Story Protocol is actively managing dilution risks, as only 30.4% of its 1.01 billion supply is currently unlocked.
This is similar to what happened to OKX’s native token, OKB, after the team burned 65.26 million OKB on August 15, capped the supply at 21 million, mirroring Bitcoin’s model. OKB price has surged by over 255% in the past month.
Further, institutional adoption fuels the rally. Heritage Distilling secured $360 million in IP reserves earlier this month, while Grayscale launched the Story Trust on August 15, offering accredited investors direct exposure.
Together, these deals effectively remove roughly 52.5 million tokens (17% of the circulating supply) from liquid markets.
Story Price (IP) Faces $6.46 Resistance as Traders Eye $7
On the charts, IP has reclaimed its $6.08 pivot and now trades above the 7-day SMA at $5.95, flashing short-term strength. The RSI at 57.7 suggests moderate upside room, while volume spikes confirm speculative inflows.
However, caution lingers. The MACD histogram is negative at -0.028, showing that momentum is weakening despite a rebound. Analysts highlight the Fibonacci resistance at $6.46 as a key level. If the price closes above this, it may retest $7.10, the February swing high.
However, if the price falls below $6.00, it could drop to the 200-day moving average of $5.91.
Story IP price today | Santiment
TradingView’s aggregated technicals lean bullish, flashing “Buy” on oscillators and “Strong Buy” on moving averages, while Santiment data shows the token has just crossed above its 50- and 200-day MAs, a classic bullish golden cross.
Yet with the Story token still 17% below its $7.33 all-time high, the road ahead is one of consolidation punctuated by volatility spikes.
