Binance Coin (BNB), the native token of the BNB Chain, is capturing the attention of traders and analysts alike as it inches closer to a potential breakout. The token recently touched a high of $690, marking its strongest performance since early February. This marks an impressive 40% rebound from its lowest point this year, reflecting renewed investor interest and surging confidence in the broader Binance ecosystem.
Much of this upward drive is being fueled by strong network data. According to third-party tracking platforms, the total value of assets handled by protocols on the BNB Chain spiked by 170% over the past week, crossing the $16.7 billion mark. That figure puts it on par with Ethereum, which processed a similar amount in the same timeframe, despite its dominant position in the market.
Comparatively, other leading blockchains saw more modest growth. Arbitrum, Base, and Sui registered volumes of $6.65 billion, $8 billion, and $3.9 billion respectively. These numbers underscore BNB Chain’s increasing appeal among users and developers, potentially signalling a shift in momentum within the layer-1 blockchain space.
User Activity Skyrockets Across BNB Network
Further strengthening BNB’s bullish case is the sharp uptick in network activity. Data from blockchain analytics firm Nansen reveals that active addresses on the BNB Chain rose by 46% over the past week, climbing to 7.67 million. The number of transactions followed suit, increasing by a robust 62% to reach 51.9 million.
Weekly transaction fees also jumped by 46%, amounting to $4.5 million. While Solana’s transaction count rose by just 4.6%, and other competitors like Tron, Near, and Aptos saw single-digit percentage increases, BNB Chain clearly stood out as the fastest-expanding blockchain in recent days.
This growing usage is not just limited to short-term surges—it’s also evident in the staking ecosystem. In the past month alone, more than 126,000 BNB tokens, worth around $83 million, were added to staking pools. This brought the total BNB staking market cap to over $20 billion. Such sustained inflows suggest that holders are confident in the long-term prospects of the token, choosing to lock up their coins rather than sell into strength.
Cup and Handle Pattern Points to Bullish Technical Outlook
From a technical standpoint, Binance Coin’s price action is showing a textbook bullish setup. The weekly chart highlights the formation of a large cup and handle pattern—a classic continuation signal that often precedes strong rallies.
The upper resistance of the pattern lies near $652, a level that BNB has already challenged in recent sessions. The depth of the cup is estimated to be around 72%, and according to traditional technical analysis principles, this implies a projected breakout target of approximately $1,121. That would represent a significant upside from current levels and a potential all-time high.
Adding to the bullish momentum, BNB continues to trade well above its 100-week Exponential Moving Average (EMA), another key signal of ongoing strength and investor conviction.
Can BNB Break Free and Lead the Next Bull Run?
As BNB hovers near a crucial resistance zone, the combination of strong fundamentals and bullish technical signals makes a compelling case for further gains. The BNB Chain is not only witnessing a surge in user activity and capital inflows but is also rivaling Ethereum in terms of total protocol value handled—something rarely seen in previous market cycles.
If the current price pattern completes and breaks above its resistance, it could open the gates for a strong move toward $1,100 and beyond. Traders will be watching closely over the coming days, as a confirmed breakout could solidify BNB’s position as a frontrunner in the ongoing crypto market recovery.
Whether this potential rally will unfold as expected remains to be seen, but one thing is clear—BNB is no longer flying under the radar.
