GRAM reversed a multi-month downtrend, reaching a three-month high of $1.63 before pulling back. At the time of writing, GRAM was trading around $1.58, representing a 10% daily gain.
The price movement accompanied a surge in market activity. Spot volume climbed 130% to $215 million, while the altcoin's daily turnover rose to $71 million, matching levels last seen in July and indicating heightened buying pressure.
Catalysts Behind the Rally
Community discussions about the network's self-custodial wallet contributed to the price movement. According to reports, the rollout of self-custodial wallets to over one billion users is expected to complete in the coming weeks, with expectations that this expansion could provide long-term support for the token.
Derivatives data reflected increased trader participation. Open interest rose 17% to $188.6 million, while derivatives volume jumped 199% to $186 million. The altcoin's Long Short Ratio reached 3.4 among Binance's top traders, with ratios above two on both OKX and Binance, suggesting traders were predominantly opening leveraged long positions.
Technical Positioning
Technical indicators showed upward momentum. The Aroon Up line approached 100%, and the MACD maintained an upward trajectory, both confirming the ongoing uptrend.
Resistance levels remain a factor. GRAM faces potential profit-taking pressure as it approaches previous resistance at $1.60 and $1.80, where the trend reversed in July. For the rally to sustain, selling pressure must remain controlled.
