- On-chain metrics reflect growing confidence in the BNB Chain, with daily active addresses surging to 1.26 million.
- BNB’s breakout from an ascending triangle pattern, supported by strong resistance at $612, sets a technical target of $823.49.
On Wednesday, the BNB Coin (BNB) surged to its all-time high level of $793 following a massive breakout from its multi-year resistance of $600. The additional catalyst came through PancakeSwap launching its no-code platform SpringBoard for creating and launching tokens on the BNB Chain, per the CNF report. The launch of the SpringBoard platform will further enhance the utility of BNB Coin while attracting more projects to the platform.
However, following yesterday’s all-time high, the BNB Coin (BNB) price has retraced back and is currently trading 5% down at $731. However, analysts believe this is a healthy pullback and BNB will soon reverse the trajectory on the upside.
BNB Price Target of $832 Remains Intact
The BNB price recently gave a close above the strong resistance of $612, turning it into a formidable support within an ascending triangle pattern identified on November 26. Following this breakout, the BNB price rallied another 21% in the next seven days. This bullish formation, defined by connecting higher lows and multiple equal highs on the daily chart since mid-July, signals strong upward momentum. If BNB sustains its bullish momentum, it could rally further to achieve a new all-time high of $823.49, the pattern’s calculated target.
The Relative Strength Index (RSI) is currently at 69, retreating from its overbought threshold of 70. This downward movement suggests traders should exercise caution when adding to long positions, as the likelihood of a price pullback is increasing. A continued decline in the RSI could signal a sharp drop in BNB prices.
On-Chain Metrics Continue to Show Strength
Additionally, the on-chain metrics for BNB continue to support a bullish outlook. Data from Token Terminal shows a recent surge of liquidity and traders’ interest in the BNB Chain. Furthermore, the BNB Chain’s daily trading volume this week surged to $4.56 billion earlier this week, hitting a six-month high.
The significant increase in daily active addresses adds to the platform’s bullish sentiment. Data from BscScan shows that active addresses on the BNB Smart Chain rose from 1.02 million on Sunday to 1.26 million by Wednesday, marking the highest level since August 14. This uptick indicates growing demand for BNB’s blockchain usage, supporting a positive price outlook.
BNB Chain remains a leading blockchain network, ranking third in stablecoin market capitalization and fourth in total value locked (TVL) at over $8 billion. The network processes one-sixth of all global blockchain transactions and supports a robust ecosystem with 218 developer tools, 800 active applications, and expanding influence across DeFi, gaming, and AI sectors, reported CNF.
Furthermore, BNB Chain has introduced the Memecoin Daily Airdrop Series, an initiative aimed at celebrating and rewarding the top-performing memecoins within its ecosystem while giving back to its community, per the CNF report.
