The recent price increase of BNB confirms the positive trends in the cryptocurrency market. A significant rise in trading volume and active users on BNB Chain is also noted.
Technical Breakout of BNB
BNB's price has broken through the resistance of a descending pattern known as a 'falling wedge'. This occurred alongside a sharp increase in trading volume, which exceeded $1.6 billion.
Increase in BNB Chain Users and Revenue
Support for this technical breakout comes from the significant growth in the BNB Chain network, where the number of active users grew by 26.4% and revenue increased by 58%.
Price Target Prospects
If this technical pattern continues to play out, analysts suggest a potential price target of $854 for BNB, which would surpass its previous all-time high of $793.35.
The development of BNB and market growth may indicate further positive influence on its price, attracting interest from investors and market participants.
