It is very possible, but you also don't mention if you are using LLC (Load Line Calibration). That atypically is how I run, it sits at 1.200v until it starts burning through at 99% then the voltage peaks up to 1.300v for 4.8GHz. Without LLC I needed I think 1.350v to compensate for the Vdroop.
Stock voltage gives no indication of how good a chip is or not. The stock voltage on my i7 that is stable at [email protected] and 1.2 stock voltage, on the worst chip I ever had, it needed over 1.45v to be stable and had a stock voltage of 1.015 or so. Then I had another bad chip that had a slightly higher stock voltage than the really bad chip, but was able to do about 100mhz better than it for the same voltage (it needed 1.42v for 4.6ghz).
More than 50% of Ivy/sandy can only do up to 4.6ghz with reasonable voltage. Most are just not good overclockers.
LLC is a setting that basically feeds extra voltage to your chip at very specific moments. The idea is your true voltage used, voltage that your software cannot pick up and lies to you about and you cannot verify without a multimeter (even the best boards are not 100% accurate on software voltage readings), is lower when using LLC at the right setting, than not using LLC at all.
If you dont use LLC or set it to the 'wrong' setting, then you just use like .2v extra at most. That's why you'll hear people say "well I can do 1.4v stable but with 1.38v+Extreme LLC I'm stable!" but in reality they are using alot more voltage, and that's why they are stable. Unless you have a digital multimeter, just set your LLC to the 2nd highest setting as that's what generally works for everyone on ambient cooling above 4.4ghz.
LLC will NOT be responsible for an overclock that just simply doesn't work at all. And changing your LLC isn't going to make a voltage that isn't stable, stable (unless you are talking like a voltage that might fail prime95 in the 23rd hour because it's so close).
I had an Ivy that did [email protected] to be 24 hour prime95 stable. And that was the better of 2 chips I had, the worst one needed well over 1.42v for 4.6, and for 4.5 it needed way over 1.33v. It did about [email protected], a setting many chips can do on stock voltage.
You aren't doing anything wrong. Enable PLL overvoltage too btw. And your LLC to Ultra-High.
Also you could have faulty hardware. You should really run prime95 for 24 hours to rule out faulty hardware. And you should run a PSU test (CPU+GPU stress test program at the same time, OCCT has a specific psu test in it which just launches it's cpu and gpu tests at same time). Faulty RAM kept me failing 24 hour prime95 tests on one of my ivies. Unfortunately though the chip was bad too so it didnt change anything (i tested the chip, and everything in the systems, on 2 separate computers).
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