The blockchain, a decentralized database, is no doubt one of the revolutionary technologies of the modern age. It offers innumerable advantages over traditional database systems and finds application in every facet of our everyday lives. Some networks fail to quickly process and retrieve data from various apps on the network. This phenomenon is generally referred to as the “Blockchain Indexing problem.”
Querying and indexing data on the blockchain has become quite a problem for dApps and projects alike, as developers usually encounter bandwidth and performance issues. Unlike traditional databases, say MySQL, the blockchain has no query function/programming language. Also, its distributed nature, limited APIs, and data entanglement further complicate the possibility of data indexing. For example, blockchain can quickly secure patients’ health records, but retrieval is another matter. Challenges are no longer new to networks like trading platforms, decentralized applications, and virtually all blockchain-based projects.
Here’s where the Graph – a decentralized and indexing protocol – comes to the rescue. It was founded in 2018 by Jannis Pohlmann, Brandon Ramirez, and Yaniv Tal. This project aims to solve blockchain indexing and querying problems by leveraging open APIs or subgraphs. These open APIs can be utilized by developers to query, index, and retrieve from decentralized applications.
This guide provides pertinent information about the network, the Graph price today, its historical performance, and prospects. Also, it gives a detailed Graph technical analysis and predictions for informational purposes.
What is the Graph?
The Graph network is a decentralized data querying and indexing protocol that allows seamless data sharing across applications and the blockchain. It is the first blockchain-based querying and indexing platform in the cryptosphere. Since its inception in 2018, it has hit several billions of data queries. In April 2021 alone, the Graph has processed over 20 billion data queries and has continued to gain more traction. It utilizes an ERC-20 token – GRT.
Like search engines’ webpage indexing, the Graph indexes data from supported blockchain networks like ETH, Arbitrum, Celo, XDAI, FANTOM, Avalanche, IPFS, BSC, Polygon, and PoA networks. The indexed data is grouped into subgraphs called publicly available APIs or open APIs accessible to developers. As of the end of 2020, over 2300 subgraphs have been rolled out for several network participants.
After the institution of the Graph mainnet, the project created a viable environment for the absolute decentralization of Apps and ease of access to data on the blockchain. With its introduction of open APIs, developers and other participants on the network can easily create subgraphs to query, index, and fetch information for various DApps. Furthermore, the network’s functionality depends on Graph Nodes that execute a thorough scan of the blockchain’s database.
Indexing ensures that data structures about their use by DApps are defined. For efficient operations, the Graph requires the support of Indexers, Delegators, and Curators, all of whom make indexing services available to end-users, stake GRT tokens to protect the Graph network, and receive GRT tokens in reward payments. The incentivization of the contribution by developers and other participants to the network ensures that they provide accurate data and improve APIs. Also, end-users who query subgraphs get to pay GRT tokens to contributors via a gateway.
The Graph offers developers cost-efficient, secure and intuitive APIs. Also, DApps can add data to the Ethereum network using smart contracts. The APIs provided by this network are used by some of the fastest-growing DeFi platforms in the cryptosphere; Synthetix, Aragon, AAVE, DAOstack, Balancer, and Uniswap leverage this innovation to enhance data responsiveness.
The Graph (GRT) Token
GRT is an Ethereum-based token that serves as the central governance and utility token of the network. It can be utilized for global value transfer. The holders of the tokens gain rights in the ecosystem, and rewards are issued in GRT.
The price of the Graph is established as GRT tokens are exchanged in the digital currency market. In addition, other specific factors that dictate the price of GRT are technical features, total supply, project roadmap, regulations, upgrades, circulating supply, mainstream use cases, investor sentiments, etc.
Use Cases of the Graph (GRT) Network
As already established, the difficulty in querying data on the blockchain birthed the Graph (GRT) network, and its application is specific to this concern. The properties of the blockchain network, such as chain reorganizations, finality, and structured blocks, complicate the indexing process, making it onerous to extract accurate query outcomes from data blocks.
The Graph disentangles the process by utilizing a decentralized protocol known as subgraphs that facilitates the systematic indexing and querying of information stored on the blockchain. The Graph (GRT) creates a global API that development teams can use to streamline operations and reduce processing times. Applications built on The Graph efficiently function while maintaining their decentralization. The solution offered by this innovation has continued to gain massive traction in the crypto ecosystem, and more dApps use cases are beginning to surface.
Historical data and technical analysis
Despite the decline in prices of assets caused by the pandemic, crypto volumes have continued to increase, and the Graph (GRT) is one of such cryptocurrencies. Attempting to delve into a GRT technical analysis requires an in-depth review of its performance and historical data.
The Graph token (GRT) began trading on the digital currency market on the 17th of December 2020, and in its first few days, it attained a price of $0.78. Its total token supply is 10 billion. At the start of January 2021, it dipped below the $0.3 mark and hit a 30-day low of $0.26. Throughout these periods, the effect of GRT on the DeFi space remained noticeable, and the market price soon began trending upwards with other assets in the cryptosphere. On the 12th of February, 2021, GRT price rose to an all-time high of $2.88, a price surge attributed to the growing public awareness and adoption of the Graph project, coupled with its support for popular blockchains.
After its price surge in February, The Graph’s price took to a downward trend, but with some pumps in March and April. In April 2021, GRT’s mainnet was launched, which propped the token’s price from about $1.25 to over $1.55. In early May 2021, GRT’s price fell below $1 with a wild swing as with other currencies in the sphere.
The Graph’s price slowly retraced the $1 mark in August and September 2021 but has faced a reversal on these attempts. According to CoinMarketCap, the current price of GRT is trading around $0.6 – $0.7, with a market cap of over $3 billion and a circulating token supply of about 47%.
The Graph price prediction 2021 – 2028
Since the turn of 2021, the price of GRT has experienced a couple of bullish movements, as with other digital assets, followed by consolidations, fluctuation, and corrections. When putting out this piece, GRT is ranked at 45th place and has a 24-hr trading volume of over $120 million.
In the 4-hour GRT/USD chart above, a descending pattern can be noticed. This pattern indicates the bearish nature of GRT in the past months and could serve as a hint that more bearish movements await the digital asset. However, based on its fluctuations and price recoveries over the past few months, it could be set for a bullish trend soon.
As seen on the price chart above, the Relative Strength Index of GRT indicates that the asset is neither oversold nor overbought. Thie price movement shows that the market is in equilibrium, and prices are pretty stable within a range.
Let’s get into a couple of the Graph price predictions from experts in the cryptosphere.
GRT price prediction from TradingBeasts
According to TradingBeasts, the Graph (GRT) price is expected to attain a minimum price of $0.7645416 and a maximum price of $1.1243259 in October 2021. Also, the average price within 30 days is expected to reach $0.8994607.
In November 2021, GRT price is expected to soar over 5%, with a forecast minimum price of $0.79749922 and a maximum expected price of $1.1727929. The average expected Graph price for this period is $0.9382343.
The Graph forecast for December 2021 is entirely on the flip side, as some price fluctuations and corrections are expected. This is typical of the historic voyage of this coin. As per TradingBeasts, GRT is likely to trade around $0.64 – $0.94, with an average forecast price of $0.7599601.
Trading Beast forecasts a price recovery for GRT in January 2022, and afterward, it is expected to go on a bullish run, attaining a maximum price of $1.8837021 by December 2022. According to this Graph price prediction, the GRT will be a profitable investment for the near future and could create ample profit margins for traders and investors.
The Graph price prediction from Wallet Investor
Wallet Investor is quite pessimistic with the price prediction for GRT. Over 1 year (2022), GRT’s price is expected to take a downward trend. By 2025, Wallet Investor predicts a bear market with a minimum price of $0.0399, a maximum price of $0.120, and an average coin price of $0.0799.
The Graph price prediction from Longforecast
Longforecast is somewhat optimistic in the long term about the price movement of GRT as they forecast a slightly bearish end to 2021, and afterward, an upward price trend in 2022. According to Longforecast, GRT will trade within the range of $0.69 – $0.79 by 2021 and $0.86 – $1.10 by the end of 2022.
GRT price forecast from Digitalcoinprice
Digitalcoinprice is also optimistic and has put out a bullish GRT price prediction that forecasts investor sentiments will favor the coin shortly.
As seen in the chart above, GRT is expected to trade above $1 in 2021. In 2022, the Graph (GRT) price is likely to soar up to $1.26. Furthermore, Digitalcoinprice expects a bullish trend to continue, with theGRT’ss price rising to $2.5 in 2025 and up to $3.2 in 2028.
The Graph price prediction 2022
When you consider the historical performance of GRT in the cryptocurrency space, The Graph may be poised to solidify its place as a major draw among the investing public. Provided that investor confidence continues to soar, the path ahead is littered with blossoms, culminating in a significant price increase that will drive the GRT token beyond all price obstacles and reach an average price of $1.5, as predicted by our Graph price forecast. An optimistic pricing range of $1.6 to $1.7 is undoubtedly feasible with impending partnerships and developments.
GRT price forecast 2023
The Graph has built a fast, dependable network that enhances the product’s overall user experience. The network’s attributes have turned investors enthusiastic since they potentially lead to tremendous growth for the GRT in the future. By 2023, if the demand for innovative crypto ecosystems remains strong, the coin price might potentially witness a radical shift and climb as high as $1.8 to 2$.
The Graph price prediction 2024
Numerous price predictions anticipate that GRT could approach its previous all-time high, and TradingBeasts forecast an average price of $2.23 and a maximum coin price of $2.79 by the end of 2024. However, this will only occur if and when the coin can successfully cross its previous resistance levels of $0.7505, $0.8649, and $0.9677. The Graph has a bright future ahead of it, thanks to increasing technological advancements in the ecosystem. Traders should, however, conduct their research before trading or investing in GRT.
GRT price forecast 2025
The Graph is involved in several community projects and initiatives. If they maintain their momentum and amass a significant market capitalization, Digitalcoinprice predicts that GRT price levels could soar to $2.5. Consequently, according to the forecast, GRT is likely to reach a new all-time high in the next five years.
The Graph price prediction beyond 2025
Cryptocurrency experts and speculators are usually more concerned about long-term investments than making a few quick bucks on a transaction. With a bit of patience, investors and enthusiasts can expect a lot of positive price actions by the end of 2026, as the deployment of The Graph continues to grow enormously. By the turn of 2026, the Graph (GRT) coin will no longer be a newcomer to the crypto market but will be a seasoned player, with its price expected to reach $5 and above.
As blockchain-based applications continue to increase, the more information the network needs to process and store, escalating the inadequacies facing the blockchain in terms of data querying. The Graph project has found a solution to this challenge, and end-users and developers alike can now leverage a decentralized app to obtain the desired results from blockchain indexing and querying.
Since the inception of the Graph project and GRT token, the adoption of the solution it profers has continued to drive the price of GRT. According to the above GRT price forecast, the price of GRT will rise over the next few years, with initial price drops in a few cases. While investing in GRT is an option, you should seek financial advice to determine whether or not GRT will be worthwhile for you, as well as how much to put into it.
Generally, whether the future price movements of any cryptocurrency will be positive or negative is a subject of debate. Many factors will influence how much the cryptocurrency ecosystem grows in the future; new announcements, the crypto environment as a whole, and legal opinions – all of these apply to the Graph (GRT).
As a trader, you’ll need some knowledge of the fundamental and technical aspects of the cryptocurrency market to accurately forecast price movements such as maximum value or minimum value based on the resistance level, past price history, trading volume, and average trading price.
Is GRT a good investment?
Dapps like The Graph are in their infancy, and there is enormous upside potential. Its application is in high demand, and it’s being embraced by more DeFi projects. With the surge in DeFi ecosystems, the price of GRT is expected to rise, which can be seen in the Graph price actions from previous months. GRT is widely regarded as one of the year’s fastest-growing cryptocurrencies. According to multiple sources, the GRT is expected to appreciate more than 200% in the coming years.
Additionally, given the Graph’s recent achievements, we can say that GRT is a potentially good investment. However, we would like to remind you that the cryptosphere is subject to volatility, as seen with Binance coin, Ethereum price, Bitcoin price, and other assets. Hence, this is by no means a piece of investment advice. It would be best if you did due diligence before splashing out the cash on any cryptocurrency. So, if you’re up for some volatile swings, you can go for the GRT crypto.
Where to buy and sell the GRT?
GRT can be purchased on the following cryptocurrency exchanges: Binance, Kraken, Upbit, Huobi Global, Bitcoin.com, BitPanda, FTX, and Easy Crypto. Also, it is compatible with ERC-20 wallets, and Metamask is one of such free wallets available to users.
If, after buying GRT, you wish to HODL it for extended periods, cold storage or offline hardware wallets will come in handy. Hardware wallets ensure that your crypto holdings are not susceptible to online threats; the Ledger Nano X or Ledger Nano S wallets both support GRT.
The EU, the United Kingdom, and other countries have shown support for the Graph project. Thus, more traders will be able to take part in and benefit from GRT trading.
Is the Graph crypto coin legit or a scam?
With the rising level of memes, hit-and-run schemes, and projects in the cryptocurrency ecosystem, it has become essential to question the validity of a utility or token. The legitimacy of a cryptocurrency or project, in general, is tied to its road map, real-world use cases, demand & supply, and level of adoption.
The Graph (GRT) is proferring solutions to real-life data querying problems on the blockchain and has continued to gain massive traction in the DeFi space while also engaging new partnerships and upgrading its offerings. Also, the Graph issues reward to participants on the network using its utility – GRT.
So, is GRT legit or a scam?
Like Ethereum and other legit blockchain-based networks, the Graph is genuine, and its native token, GRT, is a fair coin. You can visit the official website of the Graph for more information.
Will GRT coin attain $1 soon?
GRT coin is one of the most actively traded cryptocurrencies, and it has maintained its upward trend for some time. If trading sentiments favor GRT, it may break through its previous resistance level and reach as high as $1. Of course, if the bulls tend this cryptocurrency, this is a very likely scenario, even in the short term. Again, this is not investment advice; always do your research.
Can GRT be mined?
GRT cannot be mined, and the system leverages the Proof-of-Stake consensus algorithm.