The Story Protocol (IP) token has surged 6.01% in the past 24 hours. This increase adds to the total weekly rally of 37%.
Technically, according to CoinMarketCap data, this price movement is quite interesting. The IP token has successfully broken through the 23.6% Fibonacci retracement level at $7.90 and remains above the 7-day moving average around $7.36.
The MACD indicator shows a histogram that has moved into positive territory (+0.21), while the RSI remains at 68.94, quite high but not yet in the overbought zone.
For some traders, this situation is an invitation to target the next swing high around $8.65. However, if the price slips back below $7.90, a potential correction to the $7.43 area is possible. Meanwhile, the $6.31 area, the 30-day moving average, remains the main line of defense in case of a deeper decline.
Aria and Heritage deals push Story Protocol into investor spotlight
Furthermore, this price rally is not just a technical move. On September 3rd, a project called Aria Protocol, an intellectual property (IP) tokenization platform built on Story Protocol, secured $15 million in seed funding.
The funding was led by Polychain Capital and Neoclassic Capital, with active participation from Story Protocol’s primary developer foundation.
Aria’s initial focus is the tokenization of music royalties. This means they are trying to bring the music industry into the blockchain space without requiring musicians to become technologists.
Furthermore, August data shows that the total value locked (TVL) on the Story Protocol network increased 12% to $25.5 million. This increase is believed to be due to increased institutional interest and integration with DeFi protocols.
One major news item came from Heritage Distilling, which bought back $82 million worth of IP tokens. And yes, that’s enough to make investors aware.
Furthermore, the arrival of a new investment product from Grayscale, which launched Story Trust, further fuels the narrative that this ecosystem is beginning to be viewed as a serious asset, not just an intellectual property-themed project.
What’s even more interesting is that the team behind Story Protocol doesn’t seem to want to lose momentum. On September 23rd, they will host the Origin Summit in Seoul, South Korea.
This event will be held in conjunction with Korea Blockchain Week and in collaboration with two major names in the media and economic sectors. The topic discussed? How IP can become a key pillar in an AI-based economy and digital assets.
So, if people have always thought that IP is just about patents and licensing, perhaps after this conference, that view will change.