BAND – the token associated with Band Protocol’s decentralized oracle network – has been one of the best performing digital assets in recent weeks, surging by 32x since the start of the year.
A good portion of these gains have come about over the past few days, with the token’s uptrend turning parabolic after news broke of it being listed on Coinbase Pro.
This coveted listing coupled with a massive surge in integrations has fueled its uptrend.
This price growth hasn’t been fleeting or unwarranted either, as the cryptocurrency has been able to maintain its recent gains despite facing heavy selling pressure.
Data regarding the amount of unique active addresses also shows that a large number of investors are moving to gain exposure to BAND – which is a sign that its uptrend may have room to extend even further.
Band Protocol Sets Fresh All-Time Highs as Parabolic Uptrend Extends Further
At the time of writing, BAND is trading up over 18% at its current price of $16.50.
Yesterday, the Band Protocol’s token rallied to its all-time highs of nearly $18.00 before facing massive selling pressure that drove it to lows of $10.50 on some trading platforms.
The dip to these lows seen yesterday evening was fleeting, however, as buyers subsequently stepped up and “bought the dip” – resulting in it seeing a strong surge up to its current price levels.
BAND now appears to be consolidating as bulls try to garner even greater support as they target higher highs.
One factor that may be driving its price up is the comparisons and similarities between Band Protocol and Chainlink – as they are both oracle networks.
Many investors may be using LINK’s multi-billion-dollar market cap as an anchor for what BAND may someday be trading at. This may be one factor behind the ongoing parabolic advance, as analytics platform Messari notes:
“BAND has recently taken a page straight out of the LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing. Up over 32x on the year, its relative valuation play and anchor to LINK has worked so far.”
Image Courtesy of Messari.
Unique BAND Token Addresses Surge 42%
Over the past two weeks, the number of unique, non-zero BAND wallet addresses has increased by 42%.
This points to fundamental growth backing the strong price action the token has seen as of late.
“The number of unique non-zero addresses holding BAND has increased by 42% in the past 2 weeks! This indicator continues to increase exponentially as new investors are jumping onto the [Band Protocol] train,” one researcher noted.
Image Courtesy of Glassnode.
Unless the major digital assets start rallying at the expense of smaller altcoins, there aren’t any overt signs that BAND’s uptrend is anywhere close to being over.
Featured image from Unsplash.