The Graph (GRT) surges 60% as network demand skyrockets
The past week has seen The Graph (GRT), a project that supports decentralized access to blockchain data, skyrocket by more than 60%.
This impressive rally outperforms most major cryptocurrencies and fits perfectly as interest in artificial intelligence (AI) in the cryptocurrency market grows.
GRT has bounced for 5 consecutive days, reaching its highest level since May 2022. Compared to the 2023 low, GRT has increased by more than 163%. Demand for its network has skyrocketed over the past few months, causing the GRT token to increase in value.
The Graph: Sudden surge attracts industry attention
As a company with significant infrastructure in the AI field, The Graph is attracting attention. Join Bitcoin Magazine to explore the key factors driving the recent rally and consider the project's future prospects.
Riding a wave of AI enthusiasm, the cryptocurrency market is seeing an increase in investment in related projects. Advances in technology and practical applications will accelerate the trend, and The Graph benefits directly from this excitement.
The decentralized indexing protocol provides simple access to critical blockchain data essential for AI development and analysis. The project resonated with investors looking to tap into the growing AI sector
GRT 7-Day Price Action | Source: Coingecko
Further enhancing its optimistic energy, The Graph has signed partnerships with industry giants like Coinbase and AAVE.
Integration with major platforms will attract more users and drive demand for GRT tokens. These partnerships not only help grow The Graph's reach, but also demonstrate its potential with real-world use cases.
GRT price chart – 1 day | Source: TradingView
Meanwhile, tweets from The Graph's official account on platform X (formerly known as Twitter) highlighted an increase in query volume and advancements in Layer-2 transactions. The network's strengthened infrastructure, with over 1,500 subgraphs and the implementation of a new Indexing Engine, may have bolstered investor optimism.
The launch of the New Era Roadmap, along with the implementation of the Free Query Plan, further reinforced the bullish sentiment.
The Graph's promising future
Prominent analysts are making predictions about GRT's future potential.
Messari's Ryan Watkins, citing growing demand for decentralized data solutions and The Graph's strong fundamentals, predicts GRT could hit $1 by the end of 2024. Bullish prediction This price reflects his confidence in the project's long-term trajectory.
From a technical analysis perspective, the recent rise has pushed GRT/USD into an uptrend on the daily chart, with the 50-day moving average acting as support. This indicator shows sustained buying pressure and the potential for further price increases in the future.
