June saw The Graph (GRT) following the same downward trend as other altcoins, yet the demand for AI tokens like GRT remained steady. Despite the bearish market conditions, the interest from investors in The Graph did not wane. This can be seen in the adoption rate of the asset, which measures the concentration of new investors among participating addresses. The Graph has seen a consistent concentration of new investors ranging between 28% and 30% for the past three months. This sustained interest from potential investors is a positive sign for the network, as new participants continue to join regardless of broader market cues.
One key factor that could impact the growth of The Graph is the participation of whales, who hold over 52% of the circulating supply of GRT. The actions of these whales can significantly influence the price of the asset, and their lack of participation in recent months has slowed overall growth. The daily transaction volume of GRT whales has decreased from an average of $10 million in May and June to $7 million in the past week. The resurgence of whale activity is crucial for the recovery of GRT price in the future.
In terms of price prediction, GRT is currently trading at $0.220, with a narrow trading range between $0.222 and $0.201 in the past week. On-chain metrics suggest the potential for a price recovery that could push The Graph above $0.250. If the resistance at $0.222 can be flipped into support, it could pave the way for a push towards $0.266, coinciding with the 38.2% Fibonacci Retracement level. However, failure to hold above $0.201 could lead to a lower low and a potential correction to $0.151.
It is important to note that this price analysis is for informational purposes only and should not be considered as financial advice. Market conditions are subject to change, and individuals should conduct their own research and seek professional guidance before making any investment decisions. The continued interest from investors and the potential for whale participation could play a significant role in the future growth of The Graph (GRT) price. It will be interesting to see how these factors influence the trajectory of the altcoin in the coming months.
