The Rise of The Graph ($GRT): Insights from Messari's Research Report

The decentralized ecosystem of The Graph ($GRT), “an indexing protocol for querying networks like Ethereum and IPFS,” is seeing substantial growth according to a recent research report by Messari.

Timeline of The-graph

An Ethereum-based (ETH) altcoin has seen its price skyrocket by 175% in less than a week to shatter the $1 billion market cap level. Blockchain indexing protocol The Graph (GRT) has seen its price tag dramatically shoot up since the first of February. The token surged from the $0.08 mark all the way to $0.

The Graph GRT coin: While ChatGPT and Google vie for the pole position in the AI chatbot space, AI tokens are dominating the crypto market. Cryptocurrencies linked to the AI domain, The Graph (GRT) and SingularityNET (AGIX) saw some correction in prices after a huge jump over the last week.

The Graph token has been experiencing extreme bearish pressure and had begun with a parabolic recovery from the past several months. However, the recent upswing uplifted the price straight towards the neckline which was supposed to consolidate in an ascending way for the next 30 to 45 days.

The price of The Graph's native token, GRT, has gained a whopping 114% in the last seven days. However, within the last few hours, the price has experienced a major correction of about 23%.

The last six months of price action in Graph coin shows the formation of a rounding bottom pattern. It is displayed as a U-shaped recovery, where a steady downtrend shifts to an uptrend after a brief period of consolidation or side trend.

Graph Protocol witnessed growth in terms of revenue and fees collected In fact, the price of GRT continued to decline The Graph protocol, over the last few months, has collected a large amount in terms of fees, as per data from Dune.

The Graph is a decentralized protocol for indexing and querying data from blockchains, starting with Ethereum. It makes it possible to query data that is difficult to query directly.

What changed for Graph's GRT as it went from being in a bad shape to narrating ‘graphical‘ signs of life, at press time? At what cost did GRT witness this good but surprising change?

The Graph [GRT] appears to be having a rough time making a comeback after the slap down it received last week. Its attempts at a rally at the start of August demonstrated some promise for the bulls.

The GRT price correction fall breakdown from the $1.17 support will most likely offset the July-August recovery. The post-breakout retest shows reduced volume activity indicating weakness in bullish commitment.