BRT is now almost 17% up after Graph Protocol’s first birthday

The Graph Protocol has been gaining popularity in the DeFi space recently, especially after Ethereum co-founder Vitalik Buterin announced a strategic roadmap to expand the data space available for rollups with this protocol.

Over the past few days, the protocol’s GRT token has increased 10%, especially as the social volume increases.

The Graph Protocol is a relatively new ecosystem that celebrated its first birthday on December 18th. On the flip side, this cryptocurrency has surged above $ 0.67 amid market speculation as to whether it will end the worst.

BRT 4-Hour Price Chart | Source: Tradingview

The worst is over

The GRT is currently up 17% after the number of tokens in circulation increased over the weekend. This altcoin has roughly 57 million tokens per day when it hit a “huge” value of 717 million on Friday. In early July, when circulation soared, the price bottomed out and then recovered.

Transport from BRT | The source: Sanbase

At the same time as the price went up, so did the number of active addresses (24 hours), a sign that the network is currently very active.

Number of active (purple) and active (green) addresses | Source: Sanbase

While development activity has slowed down a bit in the last few days, the number of developers creating and querying subcharts has increased overall consistently by ~ 14% compared to the previous month (550% year-on-year). In fact, that metric actually accelerated with the launch of Subgraph Studio in July.

Number of developers | The source: The graph

In terms of price, after hitting 3 lower highs, GRT finally rebounded lower from $ 0.6. In general, it can be said that the worst for GRT is actually over.

But that’s not all.

What does GRT currently need?

At the time of writing, the in / out of money index is the ITB shows 73.9,000 addresses lost, which is 84.9% of the total addresses.

In addition, there is a declining divergence between what is offered on the stock exchanges and what is offered by top addresses. Whereby the increasing supply on the exchanges and the decreasing supply of top addresses represent a worrying picture for the supply dynamics of altcoin.

Supply from top addresses (purple) and stock exchange supply (red) | Source: Sanbase

However, while the larger setup looks largely bearish, there are plenty of signs that the BRT could rise. First off, the number of large transactions has increased – a sign that institutional interest in this altcoin is returning.

Finally, given the property stats, the HODLer is back, but retail is still lacking. Additionally, a divergence in token circulation could be the ideal build-up for a bull run should retail euphoria return.

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