The Graph observes several large transactions worth at least $100,000, leading to a nine-month high in overall whale activity as social volume sees a massive upswing.
Notably, on Nov. 6, GRT recorded an intraday figure of 149 transactions worth $100,000 and above for the first time in months, according to Santiment.
In addition, on-chain data confirms that market participants created up to 620 new addresses.
📊 #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
These favorable metrics have come up when GRT leverages market-wide bullish sentiments to engineer a rally. Despite a 5.9% decline over the last 24 hours, The Graph is up 24% in the past week.
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The recent rally picked up on Nov. 3, following a massive drop to the $0.1032 territory. A recovery from the bulls saw the asset climbing to a seven-month high of $0.1544 yesterday. The uptrend has triggered growing interest in the purchase, resulting in heightened whale activity.
GRT price, social volume and whale activity – Nov. 8 | Source: Santiment
Moreover, the Santiment chart suggests that the recent increase in whale transactions began in November, coinciding with GRT’s bullish momentum. In addition, more whale addresses have been on the move, transacting in dormant tokens at a historic rate.
Interestingly, 80 transactions consisting of at least $100,000 worth of GRT were recorded on Nov. 6, representing the growing allure of the asset amid the price uptick. Despite a drop in transaction count, these transactions remain high, with a current value of 23 at the reporting time.
The recent metrics have been buoyed by increasing mentions of The Graph across social media platforms. The asset’s social volume has spiked 110% over the past 24 hours.
Meanwhile, the resistance at $0.1565 has presented a roadblock to the ongoing rally, leading to a massive 13% loss yesterday. The asset is still 4.50% down today. Currently trading for $0.1313, GRT needs to defend the next support of $0.1259 at the 2.618 Fibonacci level.
This price point is the asset’s last defense against a drop back to the $0.10 lows witnessed earlier this month. Should $0.1259 fail to hold, the bears could bring the support at Fib. 1.618 into play, currently stationed at the $0.1071 price territory.