Assessing FLOW’s latest short to long-term performance based on this growth metric

The NFT market stays one of many largest development driver for the Circulation [FLOW] blockchain. To some networks, NFTs present an avenue for measuring the extent of exercise and development. Circulation is on the correct path if we choose its newest efficiency below such metrics.

Circulation ranked second on 19 August within the listing of prime blockchains primarily based on NFT gross sales quantity based on current blockchain rating by Cryptoslam.io. In accordance with the report, Circulation had barely over $1 million in day by day NFT gross sales quantity. It got here in second after Ethereum [ETH] put up garnering a 44.54% enhance in NFT gross sales volumes.

TRENDING: @flow_blockchain has risen to #2 at the moment (together with the highest variety of transactions), powered by the long-awaited public launch of @NFLALLDAY 🏈

Full rankings 👇https://t.co/f71V6cqLl3@dapperlabs pic.twitter.com/NUaQKvRsY7

— CryptoSlam! (@cryptoslamio) August 19, 2022

FLOW managed to realize this spectacular rating courtesy of robust demand propelled by the NFL All Day after its beta launch on 19 August. This growth underscores the extent of demand that the community can obtain via sports-related NFTs.

FLOW on restoration mode? 

Circulation’s native cryptocurrency FLOW is down by greater than 30% within the final 10 days. Its value motion dropped from its current peak at $3.25 to as little as $2.09 throughout the buying and selling session of 19 August. FLOW had a press time value of $2.20. The NFT gross sales quantity information could have had a constructive affect within the slight restoration.

Natural demand related to the NFT gross sales volumes alone shouldn’t be sufficient to facilitate a powerful restoration. Nevertheless, it would present a big enhance to investor sentiment, thus supporting a restoration.

Circulation has maintained wholesome NFT exercise on its community within the final 30 days. Which means the newest enhance in NFT trades volumes shouldn’t be an remoted occasion. It additionally helps that the community has maintained wholesome growth exercise within the final 4 weeks. That is encouraging for buyers and should contribute to investor confidence.

So far as FLOW’s value restoration is worried, investor sentiment appears to be enhancing in favor of the bulls. The FTX funding price dropped considerably within the final three days in step with the sentiment shift as the worth crashed. Nevertheless, it registered a strong uptick within the final 24 hours, thus confirming the return of bullish sentiment.

So how’s the FLOW then?

FLOW’s efficiency in the previous couple of days has principally been influenced by the general crypto market situations. Favorable natural demand could contribute to its restoration. Nevertheless, its capability to bounce again rapidly after the newest pullback is predominantly be affected by the prevailing sentiment within the crypto market.