IP price surged to a record $11.75 as Heritage Distilling expanded its token holdings and launched a strategic buyback program, fueling strong investor interest.
Summary
- IP price set a new ATH of $11.75 and is eyeing the $13.50–$14.00 range as the next target.
- Heritage Distilling’s $220 million PIPE financing and public IP token treasury, now totaling over 53 million tokens, underpin the recent IP price gains.
- The ongoing $82 million open-market buyback by Story Foundation is expected to provide further support for IP price in the coming months.
IP price technical analysis
Story Protocol (IP) price set a new ATH of $11.75 yesterday on strong volume and is currently pulling back from overbought levels, but still holding the majority of yesterday’s gains, trading around $10.20 at press time.
The previous ATH around $9.10, set in late August, now acts as a key reference point. However, the broader support zone sits lower, between $8.20 and $8.60, where multiple candle bodies previously topped out and which also coincides with the 0.382 Fib. This area is likely to be the stronger support for the next pullback.
Source: TradingViewIf the $8.20–$8.60 zone fails to hold, the next levels of interest lie around $7.50 (SMA 20), followed by the deeper support near $6.50, which also lines up with the 0.618 Fib.
On the upside, a retest of the $11.75 ATH remains the immediate target. A clean breakout above that level with strong volume could open the way toward the $13.50–$14.00 range, derived from the measured move of the prior rally leg, with $15.00 standing out as a psychological barrier further ahead.
What’s driving IP price?
The recent surge in IP price stems from Heritage Distilling’s August 11 announcement of a $220 million PIPE financing and the establishment of a public IP token treasury — the first initiative of its kind by a Nasdaq-listed company. As part of the deal, $82 million was used to purchase IP tokens directly from Story Foundation at roughly $3.40 per token.
On August 25, Heritage has expanded its IP holdings to over 53 million tokens, increasing its treasury to $320 million. As part of the ongoing strategy, the Story Foundation began its $82 million open-market buyback program on August 15, running through Nov. 16.
Source: https://crypto.news/ip-price-hits-new-ath-amid-heritage-distillings-treasury-expansion/
