The Graph makes a notable gain as adoption grows

The Graph (GRT/USD) has made a significant gain during the past 24 hours. The token’s gains come at the height of growing support from the broader cryptocurrency market. The cryptocurrency market has made a strong recovery during the past few weeks despite the volatility caused by short-term traders.

The Graph has been under intense bearish pressure, given that it is 81.8% below its all-time high of $2.84 created in February 2021.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The Graph makes a bullish rally

The Graph (GRT) is currently on a bullish rally during the past 24 hours. During this time, the token has gained from $0.45 to $0.545. The gains have been attributed to the support garnered from the broader cryptocurrency market.

At the time of writing, GRT was trading at $0.52, and it could test the resistance level of $0.54 if the buying pressure continues to increase. If GRT manages to break past this price, it will set the next target price at $0.58, after which it could claim levels past $0.60. The token was last trading at these levels in early January.

On the downside, there is also a chance that GRT’s price will also make a downtrend. If this happens, it will test the lower support level of $0.44. Dipping to such levels could be triggered by the lack of buyer support, wherein the token will plunge if short-term traders decide that it is the ideal time to sell.

If GRT dips further, it could risk erasing most of the gains made in recent weeks. If it plunges to $0.32, selling pressure could grow, leading to monthly lows of around $0.28.

The Graph’s adoption grows 

Despite the uncertain performance of GRT, The Graph network continues to receive growing adoption from users. Recently, the Boba network, a scaling solution built on Optimism, announced the integration of The Graph.

Through this integration, Boba developers can leverage the indexing and querying capabilities of the hosted services offered by The Graph. This will be used in deploying data services that were previously not possible.