BNB Surges to New Heights Despite Declining On-Chain Activity: What's Next?
BNB reaches $1,200, showing robust demand and a 20% rise over the week even as network usage remains low.
BNB has surged to a new all-time high, currently trading around $1,200 with a daily trading volume exceeding $3 billion. The token has increased by 3% in the past 24 hours and has seen a remarkable 20% rise over the past week, signifying a strong bullish trend.
Market participants have observed that despite the surging price, on-chain activity is relatively low, which could suggest potential for further growth as user engagement improves.
Price Growth Surpasses Network Activity
The Bull Theory highlighted that BNB’s journey from $0.50 at its inception to today’s price of over $1,192 represents a massive +238,300% return, averaging an annual gain of approximately 167%. Despite reaching a new price milestone, network activity on the BNB Chain has yet to recover to previous peak levels.
Current on-chain statistics indicate $8.33 billion in total value locked, a $13.46 billion stablecoin market capitalization, and $4.39 billion in daily DEX transaction volume. Active addresses stand at 2.32 million, with 18.79 million transactions executed in a span of 24 hours. According to the Bull Theory:
“BNB is reaching new highs in price before the chain activity fully recovers.”
“BNB just set a new record. But BNB Chain still has room to grow in usage and capital.”
Strong Technical Indicators
As per analysis by Mags, BNB has recently broken out of an extended consolidation phase between $640 and $660, which served as a foundation for the current upswing. The next critical resistance level is expected around $1,513, while $639 and $662 have now become support zones.
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Technical metrics validate the prevailing upward trend. The MACD line remains slightly above the signal line, indicating sustained buying momentum, while the RSI currently stands at 74—exceeding the 70 threshold, which could hint at a short-term market cooldown.
BNB’s market movement reflects a clear trend upward, propelled by a consistent trading volume and stable support levels. Analysts remain cautious, with the chain still needing to align its activity levels with the asset’s impressive market performance.
