BNB Secures Key Support Level as Market Activity Increases

BNB is currently trading at a significant price level that previously served as a breakout point in 2024. After experiencing a decline from its recent highs, the price is now testing former resistance, which is currently being assessed as support.

As a result, this crucial area is revisited as traders reevaluate their short-term strategies.

BNB Approaches Channel Support

Presently, BNB’s price stands at $850, reflecting a slight 24-hour increase of over 1%, although it has dropped by 7% over the past week. On the two-week chart, it has reached the top limit of an ascending channel, a level that has defined price movement throughout much of 2024 and early 2025. Following a breakout that peaked above $1,350, the asset has retraced to this trendline for confirmation.

“BNB just tapped a huge confluence level,” stated CryptoPulse.

It’s noteworthy that this level corresponds to the previous resistance-turned-support, positioned amid the earlier rally range. Should buyers engage at this level, a movement towards $950–$1,050 could be on the horizon. To this point, trading volume has not indicated significant sell-offs, preserving the bullish structure.

In the monthly outlook, BNB has reconvened at a crucial trendline that has remained intact since 2024. According to Cryptocium, the monthly candle has yet to close below this threshold with significant downward pressure.

“BNB back to the major bullish trendline,” they commented, highlighting that the price has respected this trend for nearly two years. As the close of November approaches, traders are closely monitoring whether the bullish momentum can support this zone once again.

Increasing User Engagement

Despite recent price fluctuations, the activity within the BNB Chain network has seen consistent growth in 2025. Charts shared by TCC reveal a steady rise in active addresses, surpassing a million daily users early in 2025 to maintain levels above 1.5 million since July, occasionally peaking near 3.5 million.

“BNB Chain is quietly climbing,” they added, noting stronger utilization despite the recent price drop. The upward trend in network activity may indicate that underlying demand remains robust.

Moreover, data from YZi Labs indicates that an increasing amount of BNB is being kept in self-custody, as exchange balances decline with users transferring tokens to private wallets. Earlier in November, CryptoPotato reported on this change, emphasizing the trend toward a more dispersed ownership structure across the network.

Furthermore, open interest on BNB futures has dropped to $1.34 billion, significantly lower than the September peak of $2.8 billion. Analysis shows that both price and open interest have diminished since that peak, reflecting a decline in speculative trading activity in recent weeks.

Source: Coinglass

As the asset stabilizes in the $850–$900 price range, futures interest remains subdued, suggesting that traders are looking for more definitive signals.