Binance Coin Poised for Significant Price Surge
Binance Coin (BNB) is on teh verge of a major price increase. It has formed a significant cup and handle pattern, a bullish indicator. BNB reached $690 on Monday, its highest since February 10, marking a 40% gain from its year’s low.
Third-party data reveals that Binance Smart Chain (BSC) protocols saw a 170% rise in the last week, reaching over $16.7 billion. This matches Ethereum’s (ETH) performance in the same period. other chains like Arbitrum, Base, and Sui processed $6.65 billion, $8 billion, and $3.9 billion, respectively.
Nansen data shows a surge in BNB’s network usage. Active addresses increased by 46% to 7.67 million. Transactions jumped by 62% to 51.9 million,and weekly fees rose by 46% to $4.5 million. This makes BNB Chain the fastest-growing in the crypto industry.
Investors are also staking more BNB tokens. In the last 30 days, there was a net increase of 126K BNB staked, worth $83 million, bringing the total staking market cap to over $20 billion.
Technically, BNB has been trading in an ascending channel for months, holding above the 100-week Exponential Moving Average. The cup-and-handle pattern suggests a potential price target of $1,121 if the setup completes.
