TheGraph price is at risk of a 20% drop as whales go into a selling frenzy

• TheGraph price is contained inside a descending triangle pattern on the 4-hour chart.
• The digital asset faces significant selling pressure from large holders.
• Bulls have the chance of pushing GRT by 50% if they crack key resistance level.

TheGraph has been under consolidation since its all-time high of $2.88 on February 12. Many large whales have sold some of their GRT holdings, increasing the selling pressure of the digital asset.

TheGraph price faces strong selling pressure in the short-term

On the 4-hour chart, TheGraph price is right at the top trendline of a descending triangle pattern. Rejection from the key resistance level of $2 will quickly drive GRT down to the lower boundary of the pattern at $1.44.  

GRT/USD 4-hour chart

Additionally, the number of whales holding between 1,000,000 and 10,000,000 GRT coins ($2,000,000 and $20,000,000) has dropped by nine in the past week, significantly adding selling pressure to the network.  

GRT Holders Distribution chart

However, the current price of GRT is extremely close to the key resistance trendline of $2. A breakout above this point will drive TheGraph price towards its previous all-time high.