The Graph Token Price Surges 55%: Will It Reach $0.3 in February?
The Graph token price has experienced a remarkable rally, witnessing a 55% growth over the past six days. Starting at $0.17, the price has now reached $0.26. Several factors have contributed to this surge:
โ The Graphโs significant expansion in Q4 2023 ๐
โ The emergence of a bullish rounding bottom pattern โฌ๏ธ
โ The AI sectorโs uplift from OpenAIโs Sora launch ๐ค
The Graph Records Stellar Growth with 958M Queries in Q4
The network usage of The Graph has seen a substantial increase, with a 65% rise in queries processed during Q4 2023, reaching an impressive 958 million. This growth can be attributed to:
โ An expansive library of over 1,500 subgraphs ๐
โ Significant adoption of Layer 2, with 83% of staked tokens now on L2 โก๏ธ
โ Deployment of nearly 300 new subgraphs on L2 ๐ช
AI-Tokens Surged As OpenAI Launched Sora
Despite the marketโs waning bullish momentum, AI-related tokens have experienced a surge, likely triggered by OpenAIโs recent introduction of its text-to-video generator called Sora. This innovation has reignited interest in the transformative capabilities of Artificial Intelligence within the market.
Graph (GRT) Price Escapes a Year-Long Accumulation
An analysis of the daily time frame chart reveals that the Graph price is forming a cup and handle pattern. This pattern suggests a potential market change and recovery after a major bear cycle. On February 18th, the GRT price broke out from the pattern resistance, indicating an escape from a year-long accumulation. As a result, buyers are expected to drive a rally towards $0.377, potentially gaining 66%.
Hot Take: The Graph Tokenโs Promising Momentum Continues
The Graph token has displayed impressive growth and resilience in recent days. With its expanding network usage, adoption of Layer 2, and the AI sectorโs positive impact, the tokenโs upward trajectory seems promising. If this momentum persists, there is a possibility that The Graph token price could surpass $0.3 in February. Keep a close eye on this cryptocurrency as it continues to make significant strides in the market!
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