The Graph (GRT), a decentralized protocol for indexing and querying data from blockchains, has been making waves in the crypto market. With its recent launch of the 4 million GRT Sunrise Upgrade Program, The Graph Foundation is empowering anyone on the internet to revolutionize how the world accesses data.

As of current data today May 10th, GRT trades at $0.3027, an 11.52% gain in the last 24 hours and a market cap of $2.8 billion, ranking 40 among crypto. Its 24-hour trading volume stands at over $172 million, 74% increase in the last 24 hours.

GRT Price Chart: CoinMarketCap

The circulating supply of GRT is 9,483,285,631 tokens, with a total supply of 10,797,493,157. Over the past 24 hours, GRT has gained 10.51%, and its 7-day performance shows an impressive 18.45% increase.

The Sunrise Upgrade Program is a series of creative technical and non-technical missions supporting The Graph’s Sunrise of Decentralized Data – a three-phased plan enabling all subgraphs to upgrade seamlessly to The Graph Network. The Foundation has allocated up to 4 Million GRT tokens to reward the community and newcomers for their contributions to completed missions, with earlier participants earning larger rewards.

This innovative program comes as GRT experiences a remarkable uptrend in 2024. After hitting a low of $0.1384 on January 23rd, the token surged to a high of $0.49 on March 10th, a staggering 255% gain in less than two months. This rally showcased GRT’s potential and signaled the start of a bullish run to test its all-time high of $2.84.

GRT Technical Analysis

Since its March 10th peak, GRT has retraced to the 78.6% Fibonacci retracement level, finding support at $0.2065 on April 13th after a 58% correction. The price has since consolidated in a horizontal ranging channel between $0.2 and $0.3.

Currently trading at $0.3004, GRT is trying to break through the resistance level for the third time. This double resistance zone, formed by the ranging channel’s upper boundary and a descending trendline, has proven challenging. However, with a neutral Relative Strength Index (RSI) of 56, the token could potentially break through and rally towards the $0.42 and $0.49 resistance zones.

GRTUSD Daily Chart: TradingView

If GRT faces rejection at the current market zone, a drop to the $0.2 support level is likely. Nonetheless, the overall technical picture remains promising, with many analysts predicting GRT could aim for a position among the top 15 cryptocurrencies by market capitalization and reach $0.5 by December 2024.

With its innovative Sunrise Upgrade Program, strong community involvement and promising technical indicators, The Graph Foundation is well-positioned to achieve its ambitious goals and cement GRT’s status as a leading crypto asset in the decentralized data indexing space.