crypto.news
Binance Coin ($BNB) has surged past the $1,000 mark this week, extending its strong rally fueled by robust network growth and investor optimism.
- $BNB’s price surge is backed by impressive growth across multiple sectors of the crypto ecosystem.
- The network boasts over 11.8 million stablecoin addresses, outpacing Ethereum’s 3 million, while its DeFi and gaming sectors continue to thrive. With total value locked (TVL) in decentralized finance reaching $11.75 billion and over $3.2 billion in daily DEX volume, $BNB is emerging as a key player in both DeFi and blockchain gaming.
- As speculation builds around the potential approval of a spot $BNB ETF, analysts predict that the coin could climb as high as $1,125, further validating its bullish outlook.
Binance Coin price enjoys boost
With technical indicators such as a cup-and-handle pattern and Murrey Math Lines pointing toward further gains, $BNB’s bullish momentum shows no signs of slowing down.
Artemis data shows that it has over 11.8 million stablecoin addresses, much higher than Ethereum’s ($ETH) 3 million. The stablecoin supply rose to $11.2 billion, while the adjusted volume in the last 30 days to over $187 billion.
$BNB Chain has also become the second-biggest network in the gaming industry after Sei. According to DappRadar, it had over 6 million unique active users in the last 30 days.
It is also a major player in decentralized finance, with its total value locked jumping to $11.75 billion. The biggest apps on the platform are PancakeSwap, Venus, Lista DAO, and Solv Protocol.
DeFi Llama data shows that it is a top player in the decentralized exchange industry. DEX apps in its network handled over $3.2 billion in volume in the last 24 hours, bringing the month-to-date volume to $52 billion.
$BNB price has also soared as investors await the Securities and Exchange Commission’s approval of the spot $BNB ETF. The ETFs, if approved, will likely have robust inflows as Bitcoin (BTC) and Ethereum ($ETH) have demonstrated.
$BNB price technical analysis
The daily timeframe chart shows that the Binance Coin price has been in a strong bull run. It has constantly remained above the 50-day and 100-day Exponential Moving Averages and the Ichimoku cloud.
Likewise, the Relative Strength Index and the Average Directional Index have continued soaring.
The ongoing $BNB price surge happened after it formed a cup-and-handle pattern whose depth was about 36% — measuring the same distance from the cup’s upper side at $792 points to more gains towards $1,090.
The coin has moved to the ultimate resistance level of the Murrey Math Lines tool. This means that the $BNB price may continue rising to the extreme overshoot level at $1,125. A drop below the support at $900 will invalidate the bullish forecast.