- GRT price has soared to the highest point since August 2022.
- The number of queries in its ecosystem has grown in the past few weeks.
- There is also a high demand for coins associated with artificial intelligence.
The Graph price has gone parabolic as cryptocurrencies suddenly wake up. GRT, its token, surged to a high of $0.1495, the highest point since August 2022. The coin has jumped by almost 200% from its lowest point in 2022. This rebound has pushed its total market cap back above $1.2 billion.
Querying growth gaining steam
The Graph has seen a lot of user growth in the past few months. This recovery is partly because of the developers’ decision to allow the integration of more blockchains. Also, it has been helped by the robust recovery of cryptocurrencies and important industries like decentralized finance (DeFi) and non-fungible tokens (NFT).
Data compiled by DappLocker shows that the usage of The Graph has been growing, For example, the number of unique consumers querying data in The Graph rose to 129 last week, the highest level in two months. The number of GRT queried has risen to over 2.2 million and the number is growing, as shown in the chart below.
Read more: How to buy cryptocurrencies.
Another likely reason for the GRT price performance is the overall performance of tokens associated with artificial intelligence (AI). It seems like everyone is speaking of AI these days after the strong launch of ChatGPT by OpenAI. Google unveiled its version of the platform on Monday to a select number of users.
Crypto projects associated with artificial intelligence have done well. For example, as I wrote here, SingularityNET’s AGIX has jumped by over 800% in the past 30 days. The Graph is not entiry an AI project but it is commonly used by players in the industry to query big data.
GRT is not the only crypto project that is doing well. Ocean Protocol has surged by 33% in the past 24 hours because of its affiliation to big data. Similarly, Fetch.ai’s FET price has soared by over 115% in the past seven days.
GRT price prediction
The Graph price formed a cup and handle pattern that is shown in orange a few weeks ago. In price action analysis, this pattern is usually a sign of a bullish continuation pattern. GRT has moved above the upper side of the cup at $0.1033 and is now approaching the important resistance at $0.1584 (August 8 high). It has also jumped above the 25-day and 50-day moving averages.
Therefore, more upside moves will be confirmed if The Graph moves above $0.1584. If this happens, it will likely soar to the next key resistance point at $0.20, which is about 35% above the current level.
