[ad_1]
The Graph (GRT) price has gained 18% since dropping to its local low of $0.11 on May 11, 2023. On-chain data reveals the bullish activity among crypto whales has been pivotal to the ongoing GRT price rally.
The Graph (GRT) is one of the leading projects in the crypto-AI subsector. GRT has been drawing the attention of crypto whales over the past week.
The order books of exchanges suggest that the bullish whales are influencing other strategic influences to stack up GRT. How could this impact The Graph price in the coming weeks?
Crypto Whales Are Stacking Up GRT
After weeks of selling, crypto whales have started taking long positions on GRT again. It appears that this has been pivotal to the ongoing price rally.
Santiment’s chart below shows that crypto whales holding balances of 10 million to 1 billion GRT tokens have increased their holdings significantly. Between May 23 and May 31, they added 70 million GRT tokens to their holdings.
GRT tokens to their holdings.
Considering the bullish sentiment surrounding the crypto AI space, it appears that large institutional investors have started to buy in on the hype once again.
At current market prices, the new investment made by the crypto whales is worth approximately $9.3 million.
Moreso, crypto whales wield significant influence in the blockchain space. This whale accumulation frenzy could convince other investors to become bullish themselves.
Demand for GRT Has Outpaced Market Supply
Furthermore, bullish traders have started to pile on demand for GRT. The Exchange on-chain Market depth chart shows an aggregate of the total buy/sell orders placed by GRT holders across various crypto exchanges.
Currently, GRT holders have placed orders to purchase 29.3 million GRT tokens. Meanwhile, sellers have placed just 22.9 million tokens up for sale.
When demand exceeds market supply, competition increases and puts upward pressure on the asset’s price. Currently, there is a supply shortage of 6.2 million GRT. GRT price is likely to rise as buyers increase their offer to beat the competition.
In conclusion, the accumulation frenzy among whale transactions and the supply shortage across exchanges could trigger more GRT price gains in the coming days.
GRT Price Prediction: The Target Shifts to $0.18
Considering the bullish activity among whale investors, GRT price might rise toward $0.18 in the coming days.
However, IntoTheBlock’s Global In/Out of The Money Around Price (GIOM) data suggests that GRT will face its initial major resistance around $0.15
As highlighted below, 13,220 investors that bought 638 million GRT at an average price of $0.15 could mount a sell-wall. However, if the bullish momentum prevails, as expected, the price could slide further toward $0.18
On the other hand, the bears could invalidate the bullish The Graph price prediction if GRT unexpectedly drops below the critical $0.10 support zone.
But, the 9,740 investors that purchased 1.52 billion GRT at an average price of $0.10 will likely prevent the drop. Although unlikely, GRT could retrace further toward $0.08 if that support level is breached.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
[ad_2]
Source link
Be the first to comment