Why The Graph Token(GRT) Price is Surging? Is it Anything to do With ChatGPT?

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.

Timeline of The-graph

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.

Today, the Graph(GRT) coin is among the big gainers of the top 100 list of coinmarketcap, reflecting a 21.2% intraday pump. This massive gain has bolstered the buyers to breach the $0.135 neckline resistance of the cup and handle pattern.

The Graph is described as an indexing protocol built to provide data on blockchain networks, storage networks, and P2P platforms. Through the use of “subgraphs,” anyone can extract data from a blockchain, process it, and store it so it can be easily queried via GraphQL.

The graph was a notable mover in Friday's session, as the token rallied to a multi-week high. Prices rose by as much as 16% in today's session, with chainlink also seeing its price climb by a double-digit percentage. Overall, the global crypto market cap is up 1.92% as of writing.