A tooltip adds detail. It never holds the only copy of something the reader needs.
Touch screens have no hover, keyboard users reach a tooltip only if the chart supports it, and a screenshot or printout loses it. Put the takeaway in the title, the key values in labels or a table, and use the tooltip for the exact figure, the date and related series.
Show the series name with its color, the value with its unit, and the x value as a heading. For several series at one x, list them in the order they are drawn.
Label the series directly before you reach for a legend.
Highlight what the pointer is on by dimming everything else.
When the reader hovers or focuses a series, lower the opacity of the others rather than adding a new color. The highlighted series keeps the color it already has, so the reader does not have to relearn it. Apply the same highlight on keyboard focus.
For long series where the detail matters as much as the overview.
Make it clear what is clickable and what a click did.
A chart without data still tells the reader what is going on.
A chart that fits a phone is a simpler chart, not a smaller one.
Motion explains a change between two states. It is not decoration.