Story (IP) Token Plunges 25% Amid Market Profit Taking
Story (IP) token plunged 25% in 24 hours, dropping to $7.13 amid broad market profit taking. The slump erased over half of the token’s gains from its all-time high of $14.89 reached on Sept. 22. Trading volume surged 41% to $361 million, indicating intensified selling pressure. The Story Protocol blockchain tokenizes and manages intellectual property assets, from AI models to creative works. Despite the pullback, analysts remain bullish on the Story (IP) token, citing high-profile IP tokenizations, strategic partnerships, and Grayscale’s launch of a Story Trust as catalysts. Key support lies at $6.00, while a bounce above $10 could signal renewed upside. A drop below $6 may open the path to $3.20. Traders should watch volume spikes and market sentiment for entry or exit points as broader altcoin movements and risk-asset trends continue to shape IP token volatility.
Bearish
The 25% drop in the Story (IP) token reflects intensified market-wide profit taking, mirroring past altcoin corrections following rapid rallies. A 41% surge in trading volume confirms strong selling pressure. Historically, tokens that experience high-volume sell-offs often face short-term downside before stabilizing. With IP token down over 51% from its peak, traders are likely to adopt cautious positions amid heightened volatility. In the short term, bears dominate as the $6.00 support is tested, risking a further slide to $3.20 if broken. Long-term recovery hinges on fundamental catalysts like continued IP tokenizations, strategic partnerships, and institutional demand. While these factors could revive bullish momentum, the immediate market sentiment remains negative.