Why BNB’s Price is Poised to Skyrocket

3 Data Points to Watch for BNB : Is an Explosion Coming ?

First and foremost, activity on the BNB network is booming, as evidenced by these two data points :

• The number of daily active addresses and transactions on the BNB network has reached multi-month highs.
• Derivatives volume has surged by over 60% as traders bet on volatility around the $700 level.

Indeed, the Binance Chain has seen a remarkable surge in user activity, with daily transactions skyrocketing from 6 million to over 15 million since early May, while active addresses are approaching 2 million. This trend reflects a significant growth in network usage and user engagement.

Furthermore, BNB enjoys investor confidence despite short-term caution :

• The BNB Long/Short ratio on Binance stands at 1.70, with 63.02% of accounts holding long positions.
• However, recent fluctuations in the ratio indicate a lack of conviction as traders shift from cautious optimism to profit-taking.

Although the bulls remain in control, the diminished stability of the long position dominance may limit BNB’s ability to achieve a short-term bullish breakthrough. Sustained fluctuation in this indicator could signal indecisiveness among retail traders and leveraged traders, exposing the price to sharp swings in both directions.

Lastly, options data reveal a notable interest in Binance’s token :

• Derivatives data show increased trader participation, with volume rising by 63.83% to $630.92 million.
• Open interest for options has surged by 47.29%, reflecting increased hedging or speculative bets.

This divergence between aggressive options volume and stable futures activity may imply speculative optimism without deep market commitment. This raises questions about the nature of the momentum driving BNB’s growth.

Technical Analysis : Key Focus on the $700 Level

BNB continues to trade above a key bullish trendline, with the next major resistance level at $700. Additionally, the stochastic RSI is holding at intermediate levels, indicating balanced momentum.

The Point of Control (POC) at $601 in the daily chart is likely to provide strong support for BNB in case of market retracement. The Woodies CCI is currently in the negative but near the zero line. In essence, BNB stands at a crossroads for the upcoming days, confirming this market indecision.

While price action remains neutral to slightly bullish, a strong catalyst will be needed to enable BNB to successfully breach the $700 barrier. Particularly, a Bitcoin above $110,000. Rejection at this level could pave the way for a pullback towards $625, a level now crucial in determining BNB’s short-term direction.

In summary, the prospect of BNB experiencing a bullish breakthrough is promising, but consolidation around $700 is anticipated. Current indicators point towards some stability, but a bullish push will require a strong catalyst to surpass this major resistance.

How to Buy BNB on Bitget ?

Investing in BNB still presents attractive potential with its long-term bullish momentum. Here is a guide to acquire it easily on Bitget :

1. Create an account : Sign up on Bitget with your email in a few clicks.
2. Verify your identity via KYC : Submit an ID and proof of address to activate trading.
3. Add funds : Deposit dollars or cryptos like USDT.
4. Buy the token : Go to “Spot Market,” select BNB/USDT, and purchase the desired amount.

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