- The Graph is a leading blockchain project in the data querying industry.
- The network is transitioning the hosted service to a decentralized network.
- Query fees in the network have hit an all-time high.
The Graph price has done well in the past few days as the platform’s metrics improve. GRT, its native token, rose to $0.1097, which was about 18% above the lowest level this week. The rebound has pushed its total market cap to more than $810 million.
Metrics improving
The Graph is a leading blockchain project that most developers use on a daily basis. It is a querying product that helps simplify how developers work in a distributed era. Its three products are the Graph Explorer, Subgraph Studio, and Hosted Service.
The Graph Explorer has tools that enable developers to explore subgraphs and interact with their protocol. It currently supports the leading protocols like Ethereum, Avalanche, and Cosmos Hub. Subgraph Studio helps to create, manage, and publish subgraphs and API keys.
In June this year, the developers announced that they were sunsetting the Hosted Service. The product will end in the first quarter of 2023. The goal will be to shift from a central location to a decentralized platform. In the announcement, the developers said that it was the biggest milestone since the platform was launched.
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As part of this transition, the platform will cease new subgraph deployments to the hosted service, stop upgrades from hosted accounts, and then fully phase out the product. At the final stage, all queries will be handled on the decentralized network.
The Graph price has also risen because of the improving metrics in the network. For example, the cumulative index rewards of GRT and query fees in the network have jumped to an all-time high. This process has coincided with the rising GRT burned. Over 20 million GRT coins have been burned. The number of GRT holders has risen to over 105k.
The Graph price prediction
The four-hour chart shows that the GRT price has been moving sideways in the past few weeks. In this period, it has remained between the important support and resistance levels at $0.089 and $0.1196. The coin has moved slightly above the 25-day and 50-day moving averages.
At the same time, the Relative Strength Index (RSI) has moved close to the overbought level. Notably, this price is along the highest point on July 9th. Therefore, The Graph price will likely keep rising as bulls target the next key resistance at $0.1200.
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