It's a handy way to get a quick sense of a site's current popularity. Each bar represents a different day, and its height shows the total new links reported by Technorati.
NOTE: This was my first experiment with Technorati's API. Its biggest limitation? Developers are only allowed to access the last 100 incoming links. This means the first column often gives incomplete results -- showing only enough of the first day to reach the 100th link.