• The Graph began its transition from Ethereum in 2022.
• Arbitrum offers more scalability, low transaction costs and high network speeds.
• The price of GRT and ARB rose slightly following the start of The Graph’s final migration phase.

The Graph, a decentralized protocol for indexing and querying blockchain data, has begun the final migration of its settlement layer from Ethereum to layer-2 scaling solution Arbitrum.

Migration from the Ethereum blockchain began in 2022 and as CoinJournal reported in February, the price of GRT rallied after the initial transition started and as the protocol moved network rewards onto the L2. The current phase is aimed at completing the process into a full relocation.

Community voted to migrated to Arbitrum

In an announcement, The Graph team reiterated that moving from Ethereum to Arbitrum was aimed at reducing gas fees, bumping up transaction speeds and enhancing overall accessibility for users. The transition was approved by GRT holders, whose vote confirmed the community’s objective of improving users’ experience as well as reducing usage costs.

Tegan Kline, CEO of Edge & Node noted in a statement that gas efficiency among other network functionality was The Graph users’ main goal. The choice of Arbitrum was arrived at after a “careful evaluation,” he added.

GRT, The Graph’s native token, traded 2.3% higher on Wednesday afternoon, with the slight gains coming after the news. It’s also as Bitcoin and altcoins struggled to hold onto the little positivity that remained following last week’s downturn amid regulatory crackdown on Binance and Coinbase by the US Securities and Exchange Commission (SEC).

ARB, the native token of Arbitrum, traded to highs of $1.01 and was 1.5% up in the past 24 hours.

• GRT is one of the best performers amongst the top 100 cryptocurrencies by market cap today.

• The coin rallied after The Graph Network launched on Arbitrum.

• The broader crypto market has added $200 billion to its market cap in the last 24 hours.

GRT soars after The Graph’s launch on Arbitrum

GRT, the native token of The Graph Network, is one of the best performers amongst the top 100 cryptocurrencies by market cap today. 

The rally comes after The Graph team announced on Tuesday that The Graph Network can now be accessed via Arbitrum. 

The Graph is scaling on L2. Starting today, you can access The Graph Network on @arbitrum!

Operating the protocol on Arbitrum One means lower gas fees, faster transactions & easier participation in The Graph Network

Wondering how to get started & what’s next? pic.twitter.com/MM1ZucQ0Es

— The Graph (@graphprotocol) February 14, 2023

According to the The Graph team, operating the protocol on Arbitrum One means lower gas fees, faster transactions and easier participation in The Graph Network.

This latest cryptocurrency news has led GRT, the native coin of The Graph network, to rally by 16% in the last 24 hours. At press time, the price of The Graph stands at $0.1701 and could rally higher over the next few hours.

The broader cryptocurrency market has also recovered from its earlier slump. The total cryptocurrency market cap now stands at $1.03 trillion, up by more than 2% in the last 24 hours.

Bitcoin and Ether are trading in the green zone once again after underperforming earlier this week.

Key levels to watch

The GRT/USD 4-hour chart has turned bullish as GRT has been performing well over the last 24 hours. The technical indicators show that GRT could rally even higher over the next few hours or days.

The MACD line crossed into the positive zone a few hours ago, indicating a strong bullish momentum for GRT. the 14-day relative strength index of 63.77 also shows that GRT could be heading into the overbought region in the near term.

If the positive momentum is maintained, GRT could rally toward the first major resistance level at $0.18875 before the end of the day. 

However, GRT would need the support of the broader crypto market to cross the $0.20 resistance level for the second time this month. 

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After dropping significantly in recent weeks, The Graph (GRT) is now finally ready to rise again. A period of consolidation has now ended, and the coin could be looking to surge upwards. But how will this uptrend play out? We will analyze below but check out these highlights first.

• GRT had bottomed at its crucial support of $0.317 in recent days.

• After consolidating, the token is now rising again and is up over 20% in the last 3 days.

• At press time, GRT was trading at $0.3885, up 6% in the last 24 hours.

Data Source: Tradingview 

Can Graph (GRT) reclaim the $0.4 support?

Reclaiming the $0.4 support will be very crucial for GRT bulls. It is also the most important overhead resistance that could be decisive in the coming days. In previous trading sessions, GRT has tested $0.4 several times but has been rejected in almost all instances. There is no reason to believe that this time around, it will be different. 

At press time, the token was trading at $0.3885. We expect the price action in the coming days to get close or even slightly above $0.4. But it remains unlikely that GRT will sustain any decent gains above that price. 

Instead, another rejection is coming, and when it happens, the coin will pull back to its next support, which is $0.317. But if bulls can pull it off and surge past $0.4, then another 25% uptrend is possible before the correction sets in.

Graph (GRT) – The long-term outlook?

The long-term outlook for Graph (GRT) still remains very good. Yes, the coin has seen a lot of pressure at the start of the year. 

The volatility is likely to persist in the next few weeks too. But analysts still think that GRT is on course for decent gains in 2022. It is therefore a good coin to buy and hold for the long-term investor.

GRT is one of the altcoins to rally harder as BTC rebounded above $46,000

The Graph (GRT) price has reached a new weekly high of $0.95, with bulls currently battling to break higher as Bitcoin and Ethereum’s surges have a positive effect on the altcoin market.

The price of the indexing protocol token has increased by more than 36% in the past week and over 57% in the past two weeks. As of writing, GRT is changing hands around $0.93.

Can The Graph price go up and break above $1.00 over the next two days? Let’s briefly look at the GRT price from a technical perspective.

The Graph price outlook

Although GRT/USD has pared some of the early morning gains as profit-taking limits upside moves, buyers appear to hold the upper hand.

On the 4-hour chart, upward sloping moving average curves suggest further strength for a bullish continuation.

The Awesome Oscillator confirms the momentum is with the bulls as the histogram continues to increase within the bullish zone.  If the price breaks above the $0.95 barrier, it could extend towards $1.00 and see bulls hit the level last reached in May. 

GRT/USD 4-hour chart. Source: TradingView

The technical picture for GRT/USD suggests a breakout could see the token’s price rally 33% to the 1.618 Fibonacci retracement level of the swing from $0.97 to $0.44. The target is at the $1.31 level, with possible gains also at $1.40 and $1.50.

If the price fails to clear the resistance around $0.95, immediate support lies around the previous resistance turned support zone near the $0.89 zone. Below this anchor, we have the 20 SMA ($0.82) and 50 SMA ($0.75). 

GRT/USD daily chart. Source: TradingView

The daily chart also shows four consecutive higher candle closes, with the formation of a three outside up candle formation. There was a hint of indecision within the market this week, but that has swiftly flipped positive with higher moves amid a golden cross formation.

The momentum is clearly with the bulls as shown by the Awesome Oscillator. Bulls can go for the 2.618 Fib retracement level ($1.85) if they break above $1.31 level and sustain upside momentum over the next few days. 

If there’s a breakdown at current price levels, bears’ initial targets lie at the 0.5 Fib level ($0.70) and the 0.236 Fib level ($0.57).