Here's what on-chain data is saying about Band Protocol's 30% decline

Published on by Cryptoslate | Published on

Band Protocol has been garnering significant attention over the past few weeks due to its intense rally that sent it from the lower-$4.00 region in early-August to highs of nearly $18.00 that were set earlier this week.

A dive into BAND's on-chain data suggests that the cryptocurrency is now trading just above a major support level that may bolster its near-term outlook.

Band Protocol sees parabolic growth amidst a slew of announcements.

Band Protocol's token has been one of the best performing within the entire crypto market so far this month.

While mapping out the events that helped drive this uptrend, analytics platform Messari noted that Band Protocol took a "Page straight out of the LINK handbook."

"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."

Unless the Band Protocol's oracle network sees further integrations in the near-term, there's a high likelihood that the cryptocurrency's uptrend will stagnate.

On-chain data shows BAND has strong support around $12.50.

Data from blockchain data firm IntoTheBlock shows that the Band Protocol token may not decline for too much longer before finding some strong support.

As seen in the above image, BAND doesn't face too much resistance until it reaches the price region between $14.16 and $14.48.