BNB Price Eyes $792 Breakout as Ecosystem Metrics Surge

Key Insights:

• BNB price is on the cusp of a bullish breakout in the near term.
• The coin has formed an ascending triangle pattern.
• Its DEX volume and active transactions are in a strong uptrend.

The BNB price was stuck at a crucial resistance level on Wednesday, July 16 as the recent bull run stalled. It was trading at $693, and several fundamental and technical factors indicate an eventual surge in Binance Coin to $792 and beyond.

BNB Price Technical Analysis Points to a Surge

The daily timeframe indicates that the BNB price is poised for a strong bull run once the ongoing consolidation concludes. It remains above the 50-day and 100-day Exponential Moving Averages (EMA), which have provided it with substantial support in the past few weeks.

Binance Coin has also formed an ascending triangle pattern, a popular continuation sign. This pattern consists of horizontal resistance and an ascending trendline.

Furthermore, the Supertrend indicator has turned green, while the price has moved above the Ichimoku cloud. Therefore, the BNB price will likely have a strong bullish breakout, with the initial target to watch being at $792, the highest point this year.

A break above that price will signal further gains, potentially reaching $1,000, as our recent Binance Coin price forecast indicates. However, a drop below the ascending trendline will invalidate the bullish forecast.

BSC Chain DEX Ecosystem is Thriving

Another catalyst for the BNB price is that its ecosystem is performing well and outpacing rivals like Solana and Ethereum. DeFi Llama data shows that the network handled DEX transactions worth over $190 billion in the last 30 days.

The volume surge was mostly driven by PancakeSwap, which has become the biggest players in the decentralized exchange (DEX) industry.  It handled over $173 billion in the last 30 days. The other top players in the ecosystem are Uniswap, THENA, SquadSwap, and Dodo.

That volume was much higher than Solana’s $65 billion, Ethereum’s $56 billion, and Base’s $29 billion. It was higher than the next eight chains, combined.

This is a big success for BSC Chain because it was previously smaller than Ethereum and Solana. It is also a sign that the recent three network upgrades, Pascal, Lorentz, and Maxwell, are working and attracting users.

Pascal increased its integration with Ethereum, while the other two increased its network transaction speeds. Maxwell moved the average block speed to just 6 seconds, making it one of the fastest networks.

BSC Active Addresses and Transactions are Soaring

The other notable catalyst for the BNB price is that it has become the second-biggest blockchain network in terms of transactions after Solana.

Nansen data shows that BSC’s transactions stood at over 395 million in the last 30 days, much lower than Solana’s 2.2 billion. Its transaction count is significantly higher than that of other blockchain networks, such as Ethereum, Tron, and Base.

BSC Chain also had over 31.9 million active addresses, a figure that increased by 45%. Historically, actively used crypto projects tend to do well because they attract value investors.

BSC is Gaining Share in Gaming and Stablecoins

Meanwhile, the Binance Coin price is expected to rebound as the network gains market share in key industries, such as gaming and stablecoins.

DappRadar reports that the number of unique active wallets (UAW) in its gaming ecosystem increased by 12% to 7.79 million over the last 30 days. It was the second biggest gaming chain after Sei. The biggest games in the ecosystem are World of Dypians, Alaya, and Seraph.

The volume of stablecoins in the BSC Chain has continued soaring in the past few months. It jumped to over $11 billion, while the stablecoin addresses and adjusted transaction volume rose to 14.8 million and $295 billion, respectively.

BNB price has jumped by nearly 40% from its lowest point in June. Its strong technicals, like the ascending triangle, Ichimoku cloud, and Supertrend points to an eventual rebound in the coming weeks.

These strong technicals are supported by its fundamentals, like the growing DEX volume, addresses, and transactions. There are also high odds that the Securities and Exchange Commission will approve a spot BNB ETF.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.