BNB Coin has continued its impressive rally this week, hitting a new all-time high. This positive momentum is expected to strengthen as important network metrics show significant growth.
Summary
- Binance Coin has maintained its strong upward trend this week.
- Transactions on the BSC Chain have increased dramatically this month.
- The network is preparing to burn tokens worth over $1.2 billion soon.
BNB Coin recently reached a high of $1,190, reflecting a 478% increase from its lowest point in 2023. This surge has raised its market capitalization to over $162 billion, making it the fifth-largest cryptocurrency.
Recent data highlights a significant rise in key metrics on the BNB Smart Chain. According to Nansen data, the network now boasts over 36 million active addresses, a 6.1% month-over-month increase. Additionally, the number of active transactions on the network has surged by 65% in the past 30 days, reaching a total of 413.7 million.
The total value locked (TVL) in the ecosystem has also seen a substantial increase, now reaching $12.52 billion, up from under $5 billion earlier this year. Key platforms in the ecosystem include PancakeSwap, Lista DAO, Venus, and Aster.
As the BSC network continues to expand, the fees generated by it have also risen sharply. Network fees have jumped 117% over the last month, reaching $24.5 million.
The rise in BNB’s price is also linked to its deflationary model, with ongoing token unlocks and a planned burn of 1.4 million coins, valued at over $2 billion. This will reduce the circulating supply from 139 million to 100 million, further driving up its value.
BNB Coin Price Technical Analysis
The weekly chart shows that BNB Coin has seen steady growth in recent months, breaking through major resistance levels at $1,000 and $791, the highest points since November of the previous year. The coin has now surpassed all key moving averages, and indicators such as the Average Directional Index (ADX) and the Average True Range (ATR) continue to show strong momentum.
Given this positive technical outlook, BNB Coin is expected to continue its upward movement, with bulls targeting the $1,500 resistance level. However, if the price dips below the crucial $1,000 level, the bullish sentiment could weaken.
