- The Graph crypto has made a strong bullish breakout in the past few days.
- It has already jumped by over 33% from the lowest level this year.
- The Graph is working on a network upgrade for its indexer.
The Graph (GRT) price has made a strong comeback in the past few days as demand continues rising. GRT token jumped to a high of $0.10, the highest level since August 16th. The coin has jumped by more than 33% from the lowest level this year.
Why is GRT soaring?
The Graph is a leading player in the blockchain industry. Unlike other popular cryptocurrencies like Bitcoin and Ethereum, the platform is mostly known by developers, who use its technology in querying.
The Graph runs a decentralized querying and indexing platform that is available across the most popular blockchains like Ethereum, Solana, Cardano, Polygon, and BNB Chain. By using its subgraphs, developers save time and costs.
According to The Graph, developers build faster by using less servers. Also, they spend between 60% and 98% per month by avoiding infrastructure investments. Also, they increase resilience by ensuring that applications run almost 100%. These developers pay using GRT, the network’s token.
The Graph price has risen for two main reasons. First, the developers are working to launch the upgrade indexer, a solution for helping hosted service users upgrade their subgraphs to The Graph. The goal is to ensure this happens without experiencing service interruptions. This upgrade will only happen on Arbitrum One.
Second, GRT price, like other cryptocurrencies, has jumped because of the rising hopes that the Securities and Exchange Commission (SEC) will approve the first spot Bitcoin ETF soon. If this happens, it will likely approve ETFs by companies like Blackrock, Invesco, Ark Invest, and Franklin Templeton in the coming weeks or months.
Blackrock, and possibly the other companies, have already started seeding these ETFs by buying Bitcoin, which explains why BTC has pumped to $35,000. Historically, altcoins like The Graph tends to do well when Bitcoin is rising.
The Graph price forecast
The daily chart shows that the GRT crypto price has made a bullish breakout in the past few days. This rally started when the token found a strong support at $0.077, the lowest level in September and October.
The Graph has now moved above the descending trendline shown in black. This trendline connects the highest swings since July this year. At the same time, the Relative Strength Index (RSI) has moved to the overbought level.
Therefore, the outlook for the coin is bullish, with the next level to watch being at $0.12, the highest point since July 24th.
