GRT Market Signals 12% Drop: Is A Turnaround Possible?
GRT’s current situation mirrors the bearishness the broader market is experiencing. Today, the total market cap shows a percentage slip, due to the major cryptocurrencies returning to levels that investors can sustain. On the altcoin side, GRT is one of the tokens that were hit hard by the bears.
According to CoinGecko, the token is down nearly 12% since last week, showing exaggerated losses in the face of continuous downward pressure. Although the token’s performance within the market leaves much to be desired, The Graph devs are brewing something around the corner that might turn the tide.
More Web3 Data To Be Serviced By The Graph
The Graph recently released a blog post about their plans to introduce new tools for indexers, further building up the platform’s capability to handle data. They are introducing two specialized tools to help grow the platform’s ecosystem namely Firehose and Substreams. The upgrade is part of their New Era roadmap, a path that was laid in late 2023, providing developers, users, and investors a transparent look at where The Graph is headed.
The two new tools provide different levels of data stream to indexers. Firehose will provide real-time data which enhances “the immediacy and responsiveness of blockchain data access.” It’ll help apps access data quickly, reducing latency thus improving user experience.
On the other hand, Substreams is more accurate, giving developers the ability to pick and choose the data needed for their applications. This will improve data retrieval as their systems won’t need to scour the database for its specific data needs.
The two tools will serve the platform’s data servicing niche, providing developers the flexibility of choosing whether they want a real-time stream of data or a select, more specialized access to specified data sets. This improvement would largely benefit the platform’s push to grow its artificial intelligence base. Last May, the platform announced the deployment of Agentc, a “ChatGPT-like tool” built on top of The Graph’s Uniswap data.
More Pain Ahead?
More pain around the corner awaits investors with the bears having a chokehold of the GRT market. With the major cryptocurrencies also struggling to keep their ground within more suitable levels, the altcoin market will fall more within the early weeks of the month.
The grip GRT bears have on the market will last as long as market conditions continue to favor selling. A breakthrough on $0.1715 line will make the situation much worse which might turn the situation into a firesale. GRT bulls should then attempt to hold on to this line as any further gains by the bears will mean a possible reversion back to mid-February levels.
Featured image from Asia Crypto Today, chart from TradingView