Rising Trajectory
The Graph’s GRT token has experienced a remarkable uptrend, registering an impressive 60% price surge in just a week.
This surge has captured the attention of traders, who recognize the token’s growing prominence amidst the AI boom and expanding platform adoption.
Key Highlights
- GRT has ascended over 60% in a week, reaching $0.266.
- The price surge coincides with heightened interest in AI projects that utilize The Graph’s data indexing protocol.
- GRT’s query volume surged 65% in Q4 2022, indicating increased adoption and signaling a robust growth trajectory for 2024.
AI’s Role in GRT’s Success
The Graph’s protocol has seen widespread adoption in the AI sector, with its specialized data indexing capabilities catering to the needs of AI programmers who require the efficient ingestion and parsing of massive datasets.
“The Graph protocol underpins many of the applications in our ecosystem that data scientists rely on,” explains the General Manager of AI at Anthropic.
“The surge in chatbot capabilities like ChatGPT and the text-to-video converter Sora has thrown AI into the spotlight.”
Bullish Impulse
This heightened interest in AI has fueled a surge in demand for GRT, resulting in a 65% quarter-over-quarter increase in handled queries during Q4 2022.
In the past week, GRT climbed sharply, breaking out of a year-long bottoming formation and initiating a potential new bull market.
Traders are eyeing upside targets near $0.377, albeit with some caution due to the parabolic pace of gains.
Price Action Analysis
Technical indicators suggest that GRT may experience a pullback to recharge before continuing its upward trajectory.
“The RSI indicator has dropped out of overbought territory, suggesting that the rally may be overextended in the short term,” explains a technical analyst.
“A retracement is possible, with support around $0.24 and worst-case support at $0.215.”
Future Prospects
The sustainability of the AI trend will significantly impact the long-term prospects of GRT.
“If the AI narrative continues to resonate with investors, it will provide indirect support for altcoins like GRT,” adds the analyst.
“Moreover, the broader market trend will influence GRT’s performance. If Bitcoin and the overall market experience a bullish 2024, GRT could potentially see a multi-year upside of 600%.”
Conclusion
The Graph’s GRT token has demonstrated exceptional resilience in the face of market volatility, with its robust adoption and strong fundamentals positioning it for long-term growth.
As the AI sector continues to evolve and expand, GRT is well-poised to capture a significant share of the market and provide value to investors seeking exposure to this burgeoning technology.
Author
- Name: James Oliver
- Title: Editor-in-Chief, Blockonomi
- Expertise: Blockchain Technology, Open-Source Software, Decentralization