The Graph aims to enable secure cross-chain GRT transfers with Chainlink’s CCIP

The Graph (GRT) plans to adopt the Chainlink (LINK) interoperability standard (CCIP) to enable GRT transfers across three ecosystems. A successful deployment of GRT bridges across Arbitrum (ARB), Base (BASE), and Solana (SOL) will significantly expand its cross-chain functionality. 

With the announcement of upcoming cross-chain functionalities and the adoption of CCIP, the GRT token records mild gains, projecting a potential breakout rally ahead. 

The Graph plots to make GRT a cross-chain token

The Graph announced on Wednesday that it would adopt the Chainlink Cross-Chain Interoperability Protocol (CCIP) to deploy GRT bridges across Arbitrum, Base, and Solana. With this move, the Graph plans to expand the GRT token’s functionality in cross-chain staking, delegation, and query fee payments over the layer-2 projects. 

Cautiously, the Graph indicates that the potential functionalities will depend on successful GRT bridge infrastructure. 

At the time of writing, the Graph holds a market capitalization of $1.14 billion. 

GRT rally holds firm, targets $0.13 breakout

GRT token trades at $0.1180 with an intraday gain of 3.15% on Thursday, at the time of writing. Stacking over the 3.25% surge on Wednesday, the recovery rally in the altcoin surpasses the 100-day Exponential Moving Average (EMA) at $0.1136. 

The altcoin is up 77% from the year-to-date low at $0.0663, creating a support trendline with higher lows. As the uptrend gains momentum, the price action nears the critical resistance zone encapsulating the $0.13 mark. 

The Relative Strength Index (RSI) at 59, with a bounce back from the midline, shows a resurgence of underlying bullishness. Further up, the Moving Average Convergence/Divergence (MACD) line is close to surpassing its signal lines to trigger a bullish crossover. This will offset the recent negative fallout, suggesting the re-entry of bulls. 

A potential breakout of the $0.13 supply zone could propel the GRT spot price to $0.1551, aligning with the 50% Fibonacci level. The Fibonacci retracement extends over the 79% crash from the $0.3366 trough peak to $0.714 between December 6 and April 8. Notably, the 200-day EMA at $0.1376 could be a minor hurdle for the breakout rally. 

GRT/USDT price chart. Source: Tradingview

Conversely, a reversal from $0.13 might retest the 100-day EMA at $0.1136, followed by the next 50-day EMA support at $0.1039.