The Blur (BLUR) token price gained bullish momentum for the first time in over four months, as the market saw a notable increase in non-fungible token (NFT) sales.
Blur is up 30% in the last 24 hours and is trading at $0.39 at the time of writing, hitting a four-month high. The asset’s market capitalization currently stands at $414 million, last seen in late July. BLUR’s 24-hour trading volume also skyrocketed by 400%, surpassing the $460 million mark.
BLUR Price, Whale Activity, Social Volume and Open Interest – November 7 | Source: Santiment
According to data from market intelligence platform Santiment, whale trades consisting of BLUR worth at least $100,000 increased by 248% in the past day – from just 19 trades to 66 in 24 hours.
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Additionally, data from Santiment shows that Blur’s social volume saw an 80% increase.
It is important to note that, according to Santiment, the BLUR price-daily active addresses (DAA) convergence currently stands at 24%. Simply put, when the price DAA divergence indicator remains positive, the model triggers a buy signal.
Bullish expectations emerge as total open interest (OI) in BLUR reaches $295 million. However, the platform does not separately indicate the amounts of short and long positions.
NFT sales increase
The price increase of BLUR tokens comes as the NFT ecosystem has gained 45% momentum over the past day. According to data from DappRadar, total NFT sales volume surpassed the $18 million mark.
According to the data aggregator, the majority of NFT sales, $10.65 million, came from the Blur marketplace, while competitor OpenSea only saw a trading volume of $2.83 million in the past day.
Sales on Blur have reached approximately 7,530 unique transactions, with a total number of approximately 4,470 merchants, according to DappRadar.
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