Story (IP) has been one of the most talked-about tokens this week. The IP price pushed above $3.60, up roughly 33% at writing, with daily trading volume climbing past $300 million.
A large share of that activity came from South Korean traders on Upbit, which accounted for nearly half of total volume.
Although this rally has been quite significant, the on-chain metrics are quite mixed. The number of active accounts and new users still remains low, which indicates that the entirety of this move is being fueled by speculative tendencies. That contrast is important as Story heads into a key week of upgrades.
What you'll learn 👉
Why the recent Story (IP) rally looks fragile
The latest price surge happened fast, but network activity has not kept pace. Active accounts have fallen sharply over the past year, daily new users remain under 100, and transaction growth has stalled. These metrics raise questions about how sustainable the move is if speculative interest fades.
At the same time, Story launched a community campaign aimed at long-term holders, which helped boost sentiment and triggered a sharp short-term rally.
That shows demand can return quickly, but it also highlights how dependent price action currently is on trading activity, especially from Upbit.
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Moreover, tomorrow, January 14, Story will undergo a mandatory network upgrade and hard fork. The validators will be required to upgrade their software, and exchanges, including OKX, will have to temporarily halt deposits and withdrawals.
It primarily targets scalability, validator efficiency, as well as governance-related improvements. From a long-term perspective, that is constructive. In the short term, however, upgrades like this often bring volatility, especially if traders position aggressively ahead of the event.
Why IP Vaults and PoC V2 matter more long term
Looking beyond the hard fork, Story’s Q1 roadmap is where the long-term thesis starts to take shape. IP Vaults are designed to let creators attach encrypted data, such as AI training sets or proprietary content, directly to on-chain IP assets.This could provide access to the licensing of secured data to business organizations and AI developers.
On the other hand, the imminent Proof-of-Creativity Protocol V2 also seeks to integrate AI-native licensing and royalties. If adopted by real users, these tools could turn Story into infrastructure for AI-driven content and data markets. The opportunity is large, but adoption and regulation remain key unknowns.
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IP price outlook and key levels
With IP trading around $3.63, momentum is clearly on the bulls’ side. In the near term, $3.00 stands out as the most important support zone. Holding above that level would suggest buyers are still in control after the upgrade.
On the upside, $4.20 is the first major resistance to watch. A clean break above it could open the door toward $5.00, especially if trading volume stays elevated. If speculative interest continues to dominate, overshoots are possible.
On the downside, a drop below $3.00 could quickly expose $2.50–$2.60, where previous demand stepped in. That scenario becomes more likely if post-upgrade momentum fades or Korean trading activity cools off.
Moreover, the Story price is at a crossroads. Short-term price action is strong, but fundamentals still lag behind. The upcoming upgrade and Q1 features give the project a real chance to change that, but execution and adoption will matter far more than hype.
For now, IP remains a high-momentum trade with long-term potential – and equally high risk if usage does not catch up to price.
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