3 Key Reasons Why Graph (GRT) Price Surge Over 50% In a Week
Highlights
- OpenAI's Sora launch boosts the AI sector's market cap by 6% and trading volume by 10.35%.
- The cup and handle pattern leads the current recovery trend in Graph price.
- The GRT price above daily EMAs(20, 50, 100, and 200) indicate the overall trend remains bullish.
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
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments
- LBank Celebrates 10 Years With Bold Achievements and Global Expansion
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
