IP Token Rallies on Origin Summit News, Faces Short-Term Risks
Story Protocol’s IP token jumped from $5.60 to $6.55 after unveiling the Origin Summit in Seoul on September 23. The event, organized with Blockworks and Hankyung Media, features top music and media figures like BLACKPINK’s executive producer Kyung In Jung and Baby Shark creator Ryan Seungkyu Lee. Institutional backing grew as Heritage Distilling closed a $223.8 million PIPE financing, securing 53.2 million IP tokens worth about $320 million. They plan to stake these tokens on Story’s blockchain, signaling long-term commitment. The price later retreated to $6.00–$6.20 on profit-taking. Short-term technical indicators, including a bearish crossover of the five- and ten-day moving averages, suggest a pullback toward $5.75 if support at $6.00–$6.20 breaks. However, longer-term trends remain bullish, with 20-day and 120-day averages still rising. Traders should watch for key support levels and event developments ahead of the summit.
Bullish
The Origin Summit announcement and a $223.8 million institutional PIPE deal drove strong demand for the IP token. High-profile event details and staking plans signal long-term commitment, mirroring past bullish rallies when tokens gain mainstream exposure and institutional support. Although short-term indicators warn of profit-taking, the combination of event momentum and growing token reserve underpins a bullish outlook. Traders may see pullbacks as buying opportunities ahead of the summit.