Yes, this is certainly possible and is one of the features that RadChart excels at. RadChart can display live data as it comes in or old data that is in a large database.
For example, you could assign an X value for time of day and a Y Value of temperature, you'll get a continuous line of variable temperature over the course of time. Its up to you on how you want it to look as well. There are many different chart types and series types. This link
will bring you to the documentation of the RadChart for Windows Phone, and this one
to the SplineSeries (which I would personally use for a temperature type chart).
You can also see the RadChart in action for yourself. Telerik has a free app in the Marketplace. This link
will bring you the web marketplace(US) to download it, or just type in "Telerik Examples" in your phone's marketplace search. After you get the app, open it and open "All Examples". Slide down and see the different examples of RadChart.
Good luck on your project,