The Graph (GRT) has experienced a surge in price recently, driven by the growing interest in AI-related projects in the crypto market. Bitcoin’s rise to over $64,000, despite challenges such as miner selling and government wallets dumping, has also contributed to the positive sentiment. The market cap of The Graph has now surpassed $2 billion, with the current price hovering around $0.2172.
However, it is important to note that the current price levels for GRT have previously seen significant bearish movement. The token struggled to break through the supply wall at the $0.23 area on two separate occasions in the past month.
On-chain signals for The Graph suggest bearish network growth and large transactions. Notably, data from IntoTheBlock reveals that large GRT holders have been selling their holdings, with transactions exceeding $100,000 per transfer. In the past week alone, more than 230 million GRT worth over $46 million has been sold. This selling activity, coupled with the fact that over 49% of holders are currently in a loss position, indicates that further profit-taking is likely.
While the RSI and MACD indicators on the daily chart suggest potential upward movement for GRT, the primary hurdle lies in the $0.22 to $0.30 region. More addresses are currently in the red below this level. In the event of a downward trend, a demand zone can be identified in the $0.20 to $0.16 area.
Overall, the recent surge in GRT price has been accompanied by large holders selling their holdings, suggesting a cautious market sentiment. Traders and investors should monitor key levels and indicators to navigate the potential price movement of The Graph.
Source: TradingView