Binance Coin (BNB) activity continues to rise, potentially leading to a breakthrough in the market. Despite current price levels, the growth in transactions and active wallets signals an increasing interest in the BNB network.
BNB’s Network Activity Hits All-Time High
Daily transactions of BNB have surged from 6 million to over 15 million since early May, marking an increase of over 150%. Active wallet addresses are nearing 2 million, indicating that interest and utilization of Binance Smart Chain services are on the rise. This increase in activity suggests a strong demand for BNB-powered services, which could lead to a supply-demand imbalance in the future.
Derivatives Volume Booms — But Confidence Wavers
Data shows BNB’s Long/Short Ratio on Binance at 1.70, with 63.02% of accounts holding long positions. However, recent volatility in the ratio indicates waning conviction, as traders try to balance optimism with caution. Options volume spiked by 102.71% to $2.37 million, and overall derivatives volume surged 63.83% to $630.92 million. The Options Open Interest climbed 47.29%, while Futures Open Interest rose only 0.67%.
$700 Resistance or Reversal?
Technically, BNB is holding strong above a key ascending trendline, with $625 acting as critical support. The next major test lies at $700, which, if broken, could ignite further bullish momentum. Conversely, a rejection from this zone may lead to a pullback, potentially retesting the $625 area. The Stochastic RSI, hovering around 41.51, indicates neutral momentum, suggesting that the market awaits a clear catalyst to determine the next move.
At present, BNB is in a neutral to bullish position, supported by rising network activity and aggressive participation in derivatives. While sentiment is positive, mixed signals in trader conviction and resistance near $700 may determine its next trajectory. If bulls manage to clear the $700 hurdle, a continuation of the uptrend could be on the cards, while failure to break higher may lead to a sideways consolidation or dip toward $625.
