The Graph token has been experiencing extreme bearish pressure and had begun with a parabolic recovery from the past several months. However, the recent upswing uplifted the price straight towards the neckline which was supposed to consolidate in an ascending way for the next 30 to 45 days. However, the spike left the market participants bewildered as it occurred without any major announcements or network upgrades.
What changes took place of late that set the GRT price ablaze?
- The development activity of the project spiked since the start of 2023, rising from a low of around 1.41 to as high as 9.76 at the moment. This binds the confidence of the marketing participants over the crypto which may further impact the price positively.
- The daily active address is the total number of addresses iterating with the platform to perform a buy, sell, or swap trade has raised notably
- The supply held on exchanges and the supply held by the top addresses usually called ‘Whale’ have dropped. This indicates the supply with the retail traders has risen due to which the volatility of the price has intensified
The Graph Token (GRT) price broke out of the falling wedge that it hovered throughout H2 2022 and raised high at the beginning of 2023. Presently, the bulls are relaxing after uplifting the price by more than 150% in the past 3 to 4 days. However, the bullish market sentiments have coiled up for the asset that may revoke the bullish trend any moment from now.
Besides, it is also rumored that the ticker symbol of the Graph token, GRT resembles ChatGPT which could have spiked the buying volume. However, this may certainly not be a valid point to carry but to flip the market sentiments a small reason could be enough.
Source: https://coinpedia.org/price-analysis/why-the-graph-tokengrt-price-is-surging-is-it-anything-to-do-with-chatgpt/