50M GRT Deposited to Binance, Causing Its Price to Jump

The on-chain tracking platform Lookonchain revealed in an X (formerly Twitter) post earlier today that graph.eth deposited 50 million The Graph (GRT) tokens to Binance. According to the post, this deposit took place after the price of the altcoin increased. Interestingly, graph.eth sold a large amount of GRT between December 15, 2022, and February 7, 2023, which was during GRT’s rise.

At press time, GRT seems to have continued to rise, as it was up 9.47% and was trading at $0.1004 as a result, according to CoinMarketCap. Along with the increase in price over the past 24 hours, GRT also recorded a fair increase of 70.94% in its trading volume during the same period. Subsequently, GRT’s 24-hour trading volume stood at $107.813,994.

Daily chart for GRT/USDT (Source: TradingView)

GRT broke below the $0.0855 support level on October 5, 2023. It then attempted to reclaim a position above the significant price point in the following few days, but was inevitably rejected by the mark. Traders saw this as a bearish development and forced the altcoin’s price down to the subsequent support level of $0.0765.

On October 19, 2023, sellers attempted to force GRT’s value below this point, but bulls were able to prevent this from happening. This led to a strong rebound in the altcoin’s price as it entered a multi-day positive sequence. During this period, GRT was able to break back above the $0.0855 barrier as well as overcome the $0.0945 resistance level to flip it into support.

Over the past 48 hours, GRT has attempted to continue its positive move and break above $0.1045. Although it was able to reach a high of $0.1048 during yesterday’s trading session, it underwent an almost-immediate pullback to close yesterday’s daily candle below the major resistance level.