The BNB Coin price continued its strong bull run this week, reaching its highest point on record. This performance may accelerate as key metrics improve.
Summary
- Binance Coin price continued its strong bull run this week.
- The number of transactions on the BSC Chain has soared this month.
- The network will burn tokens worth over $1.2 billion soon.
Binance Coin (BNB) token jumped to a high of $1,190, up 478% from its lowest level in 2023. This surge has pushed its market capitalization to over $162 billion, making it the fifth-largest cryptocurrency in the industry.
Third-party data shows that most metrics on the BNB Smart Chain have soared in recent months. For example, Nansen data shows the network had over 36 million active addresses, a 6.1% increase month-over-month.
The data also shows that the number of active transactions on the network jumped by 65% in the past 30 days, reaching 413.7 million.
Meanwhile, data by DeFi Llama data shows that the total value locked in the ecosystem rose to $12.52 billion, up sharply from the year-to-date low of under $5 billion. The biggest players in the ecosystem are PancakeSwap, Lista DAO, Venus, and Aster.
BSC’s growth has led to a significant increase in the fees generated by the network. Network fees rose by 117% over the past 30 days to $24.5 million.
The BNB price has also increased due to its deflationary nature, as token unlocks continue. The network will soon burn 1.4 million coins valued at over $2 billion. This is part of its strategy to reduce the number of coins in circulation from 139 million today to 100 million.
BNB Coin price technical analysis
The weekly chart shows that the BNB Coin price has surged in recent months. It has broken above key resistance levels at $1,000 and $791—the highest point since November last year.
The Binance Coin price has moved above all major moving averages. Additionally, the Average Directional Index (ADX) and the Average True Range (ATR) indicators have continued to rise.
Therefore, the token will likely continue its upward trend as bulls target the key resistance level at $1,500. However, a move below the psychological level of $1,000 would invalidate the bullish outlook.
