Story Protocol Price Surges 10% Following Grayscale IP Trust Launch
Story Protocol (IP) increased by 10% to $6.52 on July 31, marking a 30% rise over the past week. This price surge is attributed to the launch of the Grayscale Story Trust, allowing accredited investors direct access to IP.
Key details include:
- Grayscale's announcement of a single-asset fund for IP, now open for daily subscription.
- Rayhaneh Sharif-Askary from Grayscale highlighted programmable IP's importance in the information age.
- Trading volume reached $114 million on July 31.
- IP broke the upper Bollinger Band resistance at $6.40, indicating strong buying pressure.
- Current trading at $6.52, highest since early July, with daily volumes exceeding $100 million.
- Short-term support established at $6.00; potential breakout towards $7.50 if momentum continues.
- A retracement below $6 could invalidate bullish predictions.
The interest in Story Protocol coincides with investor focus on the emerging meme-token project Bitcoin Bull ($BTCBULL), which has raised over $8.4 million in its presale and is available on Uniswap, offering staking options tied to Bitcoin price milestones.