The price of Graph (GRT) has rallied significantly in recent days as the network turns two. The price is up almost 10% in the last 24 hours.
The cryptocurrency is currently trading at $0.0718, its highest price since November 23. Since its low last month, the coin has risen more than 30%.
What is The Graph and why is the GRT price rising?
The Graph is one of the largest blockchain infrastructure networks. Although most users do not interact directly with The Graph, many popular DeFi platforms use this technology.
The Graph network provides an infrastructure that greatly facilitates data retrieval in various applications. This service is available through an API interface. Other products in this network are Graph Explorer, Subgraph Studio and Hosted Service. The latter service was discontinued earlier this year when the platform moved to a distributed model.
Graph subgraphs can be found on some of the major blockchains such as Ethereum, BNB Chain, and Solana. Earlier this month, Graph developers announced that the platform has also been integrated with Polygon, one of the largest Layer 2 networks in the world.
The price of the chart token surged despite last month’s crypto crash due to continued demand for sub charts. According to data from Graph Explorers, the amount of fees paid for data queries has shown an upward trend in recent months. The amount peaked at 110,000 GRT on December 2.
In addition, the price of GRT is rising as investors await the event scheduled for December 17, which will mark the second anniversary of this project. During the event, the network will hold meetings with members in Amsterdam, Buenos Aires, Lagos and Singapore. Without expecting big news, investors seem to be buying more of this cryptocurrency due to the hype.
However, the biggest challenge for holders of The Graph is that we are still in a bear market. And until there are signs of a rebound, it’s too early to predict a comeback.
The chart price prediction
The price chart shows that the GRT price has been slowly recovering for the past few weeks. During this period, the coin broke above the key resistance at $0.066. This is an important level because it is at the neckline of the inverted head and shoulders formation.
In price action analysis, this pattern is usually a bullish sign. However, the trading volume of this coin is still relatively low. The current price is also above the 25-day and 50-day moving average lines. Therefore, there are chances that the price of the GRT token will increase even more in the near future.
On this page we explain how to buy The Graph (GRT).