The Graph is an indexing protocol which has been quickly recognized as a fundamental building block of Web 3.The protocol provides developers with a unified and reliable solution to index, query, and retrieve data from blockchains and other dApps. Their mission is to democratize access to information on the blockchain, making it easily accessible and searchable for various developers. The Graph is operating on top of various blockchain networks, including Ethereum, Polkadot, and IPFS.Devlopers on The Graph interact with the protocol by deploying subgraphs which define the data they want to index and query.
The Graph query fees has been observing an exponential rise in the daily chart. Meanwhile, the net unique indexers have been rising and are near 565. The total users on The Graph protocol is near 438k and can hit a new high in future. Meanwhile, the monthly new accounts is near 8233 which has declined in past few months.
The Graph has a market cap of $1.086 Billion and is ranked 41st in the CMC. The volume of the GRT is down by 1.51% in the intraday session. The V/M ratio of the asset price hints towards a weak recovery in the price.
Will GRT Price See A Strong Recovery Soon?
The weekly technical chart of GRT hints towards a consolidated trend in price. On the daily chart, it is observing a recovery for a new high. The Graph token price is currently near the value of $0.101 with a small drop in the intraday session. The upside momentum of GRT can observe a halt near the value of $0.13. Meanwhile, the support of the asset price can be seen near $0.095. The token price is currently below the 50 and 100 Daily Moving Averages. If it jumps above the DMA then a strong bullish trend can be seen in the near future.
The RSI of GRT is near 37 suggesting its presence in the oversold zone. There is a weak upside slope in it hinting towards a consolidated trend in price.
Summary
The Graph has recently seen a migration from Ethereum to layer 2 scaling solution Arbitrum. GRT token price is currently seeing a recovery in price and can hit a new high in future.
Technical Levels
Major Support:$0.095
Major Resistance:$0.13
