Main Takeaways:-
- The technical chart indicates BNB price breached above the key level, aiming for $1,552 in the short term and $3,975 in the bull cycle.
- On May 26, the BNB chain surpassed $13.31B in daily DEX volume.
- On May 29, Binance Coin grabbed 98.6% of daily on-chain trading volume, maintaining a commanding position in the DeFi space.
Technical Patterns Signal BNB Breakout and Next Cycle Milestones
According to expert Crypto Patel, the Binance Coin (BNB) price has breached resistance, indicating a trend shift. The price area of around $600 to $650 had acted as a ceiling for more than two years.
Since this zone has been passed, the expert thinks BNB’s price could reach $1,522 soon. He also said it might go as high as $3,975 if the strong upward trend continues during the bull market.
This prediction is based on a past pattern where the price stayed steady for a while and then went up. The latest price jump matches earlier times when BNB’s price rose after staying tight for some time.
Also, tools like the Fibonacci extension and price channel suggest that the strongest resistance levels might be around $1,000, $1,522, and $2,000. If the current strong trend keeps going, the price could move toward these levels soon.
BNB Chain Outpaces Rivals in DEX Volume Growth
On May 26, BNB Chain posted $13.31 billion in decentralized exchange (DEX) trading volume, the highest compared to all other blockchains on that day.
This volume was 7.9 times bigger than Ethereum’s $1.675 billion and 5.7 times bigger than Solana’s $2.32 billion, according to data from Cypher X and DeFiLlama. This shows that many users are active and there is a lot of money moving around in the BNB network.
Also, the increase in volume did not last just a short time. It helped BNB Chain beat the total volume of the top 10 blockchains combined.
Binance Dominates On-Chain Metrics at New High
Also, according to a Dune Analytics report, by May 29, Binance Chain was responsible for over 98.6% of all on-chain trades among the tracked blockchains. Binance Wallet and Binance Alpha played a big role in giving Binance Chain this level of control.
On the other hand, Binance Wallet controlled 96.1% of all wallet trading on May 25, after which it processed above $7.76 billion in trade volume.
Also, Binance Alpha helps keep users coming back by offering better search tools and easier access to Web3. This makes it simple for anyone to use BNB and stay active on the network.
Together, they create the foundation needed for users to keep using the network regularly, supporting the idea that BNB Chain is a leader in DeFi.
Market Momentum Strengthens on ETF Filing and Sentiment Boost
Also, outside rules and big companies have affected the market. The VanEck request to create a BNB Spot ETF has brought more investor interest and guesses about how traditional finance might start using BNB products.
Even though we do not know when approval will happen, just the filing has helped create positive feelings about the asset.
At the same time, the US SEC decided to drop its case against Binance, which has eased legal worries in the US. This has made big traders and crypto fans feel more confident about the BNB network.
At the time of reporting, BNB coin price was trading at $655, dropping 2.18% on the day, with bearish momentum after failing to stay above $670, indicating short-term downside pressure.
Read also:- The Bitcoin Boom: Why Altcoins Are Missing the Rally
Disclaimer: Bitcoinik.com presents the latest information in the cryptocurrency market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
