In the past four weeks, The Graph (GRT) has made a remarkable ascent, nearly doubling in value since October 19. This surge in price coincides with significant whale activity and a notable increase in creating new addresses within the GRT ecosystem. To gauge the potential sustainability of this bullish trend, attention is drawn to the mean dollar age line, a crucial validation metric that has moved favorably for GRT.
Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared a Twitter post providing the latest insights on the impressive surge in The Graph (GRT) and the notable whale activity, further solidifying the cryptocurrency’s position as a key player in the market.
📊 #TheGraph has nearly doubled since October 19th, and there has been major whale movement and new addresses being created. To identify whether a #bullish trend can continue, the mean dollar age line moving down (like it has for $GRT) is often validation. https://t.co/mJZiZitJ9P pic.twitter.com/q0Dzp3dsPd
— Santiment (@santimentfeed) November 8, 2023
Whale activity within the GRT network has reached its highest point since February, underscoring a resurgence of interest among large investors. This is further substantiated by a total of 149 separate GRT transactions exceeding $100,000 in value. Additionally, the generation of 6.20 new addresses highlights the rapid expansion of the user base, reflecting the increasing popularity of GRT.
One of the most intriguing developments is the historic movement of dormant tokens. Large wallets are now actively circulating old tokens, signaling a shift in sentiment and potentially indicating a long-term commitment to GRT. The movement of previously stagnant tokens is a strong indicator of renewed interest and participation in the project.
Analyzing the weekly chart reveals a consistent pattern of higher lows for GRT, setting the stage for higher highs. This pattern is a clear indicator of a rising market trend and further reinforces the bullish sentiment surrounding the project. The surge in GRT buyers has effectively dispelled any lingering bearish sentiments, positioning the medium-cap altcoin to set its sights on its all-time high (ATH).
In the past 7 days, the GRT token has seen an impressive surge of more than 25% in value, outpacing the overall market performance. However, today’s GRT market has seen a pullback in price, with bearish activity causing a slight decline. At the time of writing, GRT is trading at $0.1315, with a 24-hour decrease of 6.93%. Despite this correction, GRT remains a solid performer with potential for higher growth.
The increasing interest from whales and the expanding user base within The Graph network bodes well for the cryptocurrency’s future. As momentum continues to build, the path ahead appears clear for a bullish continuation, potentially paving the way for The Graph to reclaim its all-time high. With a strong community and growing adoption, The Graph is poised to reach new heights in the near future.
