The Graph [GRT] surged 15% to set a new local high, with trading volume jumping 180% to over $37 million in the past 24 hours, signaling strong momentum behind the asset.
Despite the bullish price action, market data reveals competing forces that could threaten the sustainability of the rally. Top traders on Binance show bullish positioning, with the Long/Short Ratio reaching 1.84 for accounts and 1.76 for positions, both well above the neutral 1.0 threshold. Across multiple exchanges, the Long/Short Ratio stood at roughly 1.008, indicating growing long dominance.
Retail traders have also been heavily involved in the move. The Whale vs. Retail ratio delta has declined sharply from 0.688 to 0.145 since September 5th, reflecting significant retail participation in the price movement.
However, several indicators suggest caution. Spot market netflows have remained consistently positive over more than 15 days, with $335,000 flowing into exchanges in the past 24 hours alone. Positive netflows indicate increased selling pressure as assets move onto trading venues.
The funding rate has also declined sharply, dropping from roughly 0.0045% to approximately 0.0005%, suggesting that short positions are continuing to grow. The combined effect of rising spot inflows and the declining funding rate indicates sellers are positioning for a potential pullback, creating conditions that could pressure GRT lower in the near term.
