The Graph (GRT) is experiencing a significant surge in price, trading above $0.35, as Artificial Intelligence (AI) tokens see a remarkable increase in value following Nvidia's Q1 results. This upswing is further fueled by the growing momentum of The Graph's Sunrise Upgrade Program. As a result, bulls are eyeing the key psychological level of $1, anticipating a potential breakout above crucial resistance levels.

The AI token market is witnessing a substantial recovery, with The Graph (GRT) being one of the tokens to flip green in the past week. This positive trend is attributed to the increasing prices of Bitcoin and Ethereum, which have been hovering at higher levels. The Graph's Sunrise Upgrade Program, launched with 4 million GRT tokens allocated for rewards to participants, has received a positive response, contributing to the token's 18% price increase over the past week. In the last 24 hours, GRT has seen a 3% upsurge, demonstrating its potential for further growth.

Nvidia's Q1 earnings report has generated considerable anticipation, leading to a surge in sentiment around the chipmaker's stock. As a result, crypto tokens such as Render and Akash Network have seen significant gains. Following the market's closure on Wednesday, Nvidia's stock price has risen by 7% in premarket trading on Thursday, indicating a growing wave of buy pressure for Bittensor (TAO), AIOZ Network (AIOZ), and The Graph (GRT).

The Graph token is currently trading at $0.3519, with a 24-hour range of $0.3311 to $0.3558, according to CoinGecko. Over the past week, GRT has fluctuated between $0.2969 and $0.3542. Historical price charts reveal that the token hit lows of $0.21 in mid-April and faced challenges in breaking above $0.32 multiple times this month. However, the current price is above both the 20-day and 50-day exponential moving averages, providing robust support above the horizontal line.

The Relative Strength Index (RSI) on the daily chart is rising, indicating buying pressure for GRT without entering overbought territory. This outlook is supported by the Moving Average Convergence Divergence (MACD). If bulls successfully break above the resistance zone at $0.35, they may target $0.5 and $0.7, with the primary short-term target remaining the psychological level of $1.

The potential approval of the first spot Ether ETF in the US by the SEC could catalyze parabolic gains for GRT. As a result, investors are closely monitoring key levels, including the current support at $0.3 and $0.21. With the ongoing momentum in AI tokens and the Sunrise Upgrade Program, The Graph (GRT) is poised for a promising bullish trend, making it an attractive opportunity for investors seeking to capitalize on the growing demand for AI tokens and cryptocurrencies.