BNB Hits New Highs Without Peak Usage: What’s Next?
BNB has reached a new record price, trading near $1,200 with a daily trading volume of over $3 billion. The token rose 3% in the last 24 hours and 20% over the past week, extending a strong upward trend.
Market observers note that price momentum is outpacing network activity, suggesting further room for growth if usage increases.
Price Growth Outpaces Network Activity
Bull Theory noted that BNB has grown from $0.50 at launch to over $1,192, delivering a +238,300% return with an average annual increase of around 167%. Despite setting a new price high, network activity on BNB Chain remains below its previous peak levels.
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- Source: Bull Theory/X
Current on-chain data shows $8.33 billion in total value locked (TVL), a $13.46 billion stablecoin market cap, and $4.39 billion in daily decentralized exchange (DEX) volume. Active addresses reached 2.32 million, with 18.79 million transactions in 24 hours. Bull Theory commented,
Consequently, this indicates that confidence and liquidity are leading the move rather than direct on-chain demand. If BNB Chain activity expands to match the token’s market strength, network fundamentals could support continued price growth.
Bull Theory summed up the current setup, saying,
Technical Indicators Show Strong Momentum
According to Mags, BNB recently broke out of a long consolidation phase between $640 and $660. That range acted as a base for the current rally. The next resistance area is around $1,513, while $639 and $662 are now viewed as support.
Notably, technical readings support the ongoing uptrend. The MACD line is slightly above the signal line, showing sustained buying pressure. The RSI is at 74, above the 70 level, which signals strength but also suggests the market could cool off in the short term.
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- Source: TradingView
BNB’s price movement remains in a clear upward trend, supported by consistent volume and stable support levels. Analysts note that while the asset trades at record highs, the chain itself has not yet reached the previous usage level.
The post BNB Hits New Highs Without Peak Usage: What’s Next? appeared first on CryptoPotato.
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