The price of The Graph (GRT) token increased by 25.58%, reaching $0.0325, as the project prepares to migrate its queries to The Graph Network. The trading volume for the cryptocurrency surged by 530.9%, totaling $117.1 million, amid a significant rise in market interest. The query migration will begin on October 8 with BNB Smart Chain and Polygon, but exact dates for further transitions have not yet been established.
The increase in activity on the spot market has also reflected in derivatives, where trading activity rose by 892.99%, reaching $150.25 million, significantly exceeding the spot trading volume of GRT. Open interest (OI) also increased by 61.59%, amounting to $29.74 million during the token's price rally. However, this sharp rise adds sensitivity to subsequent price movements, as they could lead to rapid liquidation of leveraged traders' positions if sharp price changes occur.
At the same time, according to market indicators from CryptoQuant, sellers dominate the futures market, creating a counterbalance to the recent GRT growth. The total number of tokens on exchanges increased by 11.45%, totaling $49.7164 million during the price rise, which could increase selling pressure if demand weakens. This contradiction in conditions maintains risks and increases pressure on demand. The price of GRT is currently fluctuating around $0.0325, with a possible test of the zone around $0.027 to $0.028, which could provide buyers with a new opportunity for recovery. If this zone is successfully tested, the token may attempt to reach the resistance level at $0.036 again; however, losing the $0.027 level could weaken the recovery structure, opening the way to support at $0.01706.
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