The post The Graph (GRT) Poised for Bullish Momentum as Whale Activity Soars appeared first on Coinpedia Fintech News
In the past four weeks, The Graph (GRT) has doubled in value, building bullish solid momentum for the near term. The surge in GRT buyers has effectively dispelled bearish sentiments, and the medium-cap altcoin is now eyeing its all-time high (ATH). On the weekly chart, GRT has been forming higher lows, setting the stage for higher highs, indicative of a rising market trend.
- Total valuation: Approximately $1.3 billion
- Average 24-hour trading volume: Around $152 million
Whale Activity Surges
#TheGraph has nearly doubled since October 19th, and there has been major whale movement and new addresses being created. To identify whether a #bullish trend can continue, the mean dollar age line moving down (like it has for $GRT) is often validation. https://t.co/mJZiZitJ9P pic.twitter.com/q0Dzp3dsPd
— Santiment (@santimentfeed) November 8, 2023
Market intelligence platform Santiment reports a substantial increase in whale activity within The Graph (GRT) ecosystem, the highest since February. Notably, 149 separate GRT transactions exceeding $100,000 have been observed. This surge in whale movements coincides with a remarkable uptick in new addresses being created on The Graph network, totaling 692 new addresses in just the last few days.
Santiment’s analysis suggests a more bullish outlook for this utility altcoin in the coming weeks. Furthermore, the weekly Relative Strength Index (RSI) has crossed the 50 mark, with momentum suggesting a rise to 70, indicating an overbought condition is fast approaching.
The growing whale interest and an expanding user base on The Graph network bode well for the cryptocurrency’s future. As it gains momentum, the path seems clear for a bullish continuation, potentially setting the stage for The Graph to reclaim its all-time high.
#PriceAnalysis #Altcoins [Source: Coinpedia]