The Graph (GRT) Price Prediction: Room for Growth Ahead

TheGraph (GRT) price movement throughout June was no different than what the other altcoins witnessed. However, amidst the bearish conditions, the demand

TheGraph(GRT)witnessed a turbulent June as its price movements mirrored the broader bearish conditions in the altcoin market. However, despite the downturn, demand for artificial intelligence(AI) tokens remained strong. One key metric that highlights this sustained interest is the adoption rate. This rate measures the concentration of new investors among the total participating addresses. A higher proportion of new investors among active addresses bodes well for the network. In the case of TheGraph, the concentration of new investors has hovered between 28% and 30% for the past three months. This indicates that a substantial number of potential investors are joining the network, irrespective of the broader market cues.

However, while retail investors are showing enthusiasm, one crucial cohort that needs to step up is the whales. Whales, defined as addresses holding over 100,000 GRT, collectively hold a significant portion of the circulating supply, over 52% at the time of writing. As their actions tend to impact the price of the asset, their lack of participation hampers overall growth. After March, GRT whales have scaled back their activity considerably. In May and June, their daily transaction volume, on average, was around $10 million. In the past week, this dropped further to an average of $7 million. Thus, for GRT price to recover, participation from these whales is crucial.

At the time of writing, GRT price is trading at $0.220. Over the past week, the asset's price has hovered between $0.222 and $0.201. During this period, attempts to reach the resistance at $0.222 failed, and the altcoin ended up testing the support at $0.201. Now, on-chain metrics do highlight the potential for recovery, which could send TheGraph above $0.250. Since $0.222 also marks the 23.6% Fibonacci Retracement, flipping it into support could aid the recovery. The target for GRT price is to reclaim $0.266 as a support level, coinciding with the 38.2% Fibonacci level. However, if a lower low is formed below $0.201, the altcoin is vulnerable to a deeper correction. In such a scenario, the crypto asset could drop to $0.151, invalidating the bullish thesis.

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