- The Graph price recovery gained momentum on Monday.
- The recovery is in line with the performance of other cryptocurrencies.
The Graph price continued its recovery on Monday as cryptocurrencies rebounded. The GRT token rose to a high of $0.1425, which was the highest level since July 30th of this year. It has rallied by over 60% from its lowest point this year, giving it a market value of over $980 million.
Cryptocurrencies rebound
The Graph is a leading blockchain project that makes data easily accessible by developers working on Ethereum projects. For example, open source projects like Uniswap, AAVE, and Bored Ape Yacht Club (BAYC) have vast amount of data that is hard to manipulate.
Therefore, developers use The Graph to get this data in a simple process. The Graph learn what and how to index Ethereum data based on the subgraph descriptions, which are known as manifest. This manifest description defines the smart contracts of interest for a subgraph and how to map event data stored in the database.
Therefore, while most ordinary users don’t use The Graph, many developers do. Other solutions that the network provides are the Graph Explorer, Subgraph Studio, and Hosted Service. The Graph Explorer lets developers explore subgraphs and interact with the protocol. On the other hand, Studio lets people create, manage, and publish subgraphs and API keys.
Learn more about how to buy The Graph.
The biggest change happening in the platform is the migration of the hosted service to a decentralized format. Sunsetting the hosted service will take place through phases. In the first phase, the network will halt the creation of new subgraphs and deployments to the hosted service.
The second phase will stop all upgrades from hosted service account while the final phase will be to fully phase out hosted service subgraphs at the end of Q1 of 2023.
The Graph price has bounced back in the past few days as demand for cryptocurrencies rises. Bitcoin remains above $23,000 while ethereum has risen above $1,700. It has also risen as GRT fees rise in the network.
The Graph price prediction
The four-hour chart shows that the GRT price has made a strong recovery in the past few days. It continued this rebound on Monday as it rose to the highest point since July 30th. It managed to move above the important support level at $0.1200, which was the highest point on July 19th.
The Graph price is being supported by the 25-day and 50-day moving averages while the Stochastic Oscillator has moved above the overbought level. Therefore, the coin will likely continue rising as bulls target the key resistance at $0.1650, which is about 12% above the current level.
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