3 Key Reasons Why Graph (GRT) Price Surge Over 50% In a Week

The Graph token price has been riding an aggressive rally for the past six days recording 55% growth as the price jumped from $0.17 to $0.26. This surge is attributed to several factors including the network’s significant expansion in Q4 2023, the emergence of a bullish rounding bottom pattern, and the AI sector’s uplift from OpenAI’s Sora launch.

Will the ongoing momentum push GRT price above $0.3 in February?

Also Read: Top AI Tokens GRT, NEAR, AGIX Drive AI Sector Rally Amid OpenAI Sora Hype

The Graph Records Stellar Growth with 958M Queries in Q4

The Graph’s official Twitter account has revealed a significant uptick in the network’s use, with a 65% increase in queries processed in Q4 2023, reaching 958 million. This growth is supported by an expansive library of over 1,500 subgraphs. The adoption of Layer 2 has been substantial, with 83% of staked tokens now on L2, accompanied by the migration of 60% of queries and fees, and the deployment of nearly 300 new subgraphs on L2. 

These metrics demonstrate a robust demand for The Graph’s services and indicate a strong trajectory going into 2024.

In the Q4 2023, The Graph ecosystem shipped several critical updates shaping the future of decentralized data, evolving the protocol to serve more data needs and web3 builders in 2024 🚢

Here are some key takeaways from the Q4 2023 Participant Update ⬇️

📊 The Graph Network… pic.twitter.com/jQ7vJaDAOn

— The Graph (@graphprotocol) February 16, 2024

Also Read: Crypto Hacker Transfers Stolen Ethereum After $26 Mln BTC & ETH Exploit

AI-Tokens Surged As OpenAI Launched Sora

Defying the waning bullish momentum in the market, the AI-related token has experienced a notable surge, likely catalyzed by OpenAI’s recent introduction of its text-to-video generator Sora on Friday. 

This innovation has reignited interest in the transformative capabilities of Artificial Intelligence within the market. According to Coinmarketcap, the overall market capitalization for this sector has increased by 6% in the last 24 hours, with trading volume escalating by 10.35%. 

This uptick has led to appreciable gains in several AI tokens, including a 17.5% increase for SingularityNET, a 10.3% rise for Fetch.ai, and a 6% gain for Ocean Protocol. In tandem, the Graph’s native token has also seen a 10% increase, maintaining its upward momentum.

Also Read: 5 Altcoins To Buy Likely To Break Free From Bitcoin In 2024

Graph (GRT) Price Escapes a Year-Long Accumulation

An analysis of the daily time frame chart shows the Graph price is developing a cup and handle pattern. This chart pattern, often spotted at the end of major bear cycles, indicates a potential change in the market and a newfound recovery in the market.

On February 18th, the GRT price gave a decisive breakout from the pattern resistance signal the buyers escaped from a year-long accumulation. Under the influence of this pattern, the buyers are likely to drive a rally to $0.377, accounting for potential gain of 66%.

Related Article: Crypto Prices Today: Bitcoin At 52K As ETH, XRP, PEPE Rebound

✓ Share:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.