- BNB Surges to $690: BNB hit $690, marking a nearly 40% rise from its yearly low, as BSC Chain protocols surged 170% to $16.7 billion in volume, matching Ethereum’s activity over the past week.
- Network Activity and Staking Spike: Network usage on BNB Chain jumped significantly, with active addresses up 46% and transactions soaring 62% to 51.9 million. Meanwhile, $83 million worth of BNB was added to staking pools, boosting the staking market cap to over $20 billion.
- Technical Analysis Signals Further Upside: BNB’s weekly chart shows a cup-and-handle pattern forming with a potential breakout target of $1,121, contingent on breaking the $652 resistance level while maintaining support above the 100-week EMA.
BNB’s back in the spotlight, surging to $690 – a level it hasn’t seen since February 10. That’s nearly a 40% leap from its lowest point this year. And it’s not just the price action grabbing attention.
Third-party data shows that protocols running on the BSC Chain exploded by 170% over the last week, pushing total volume to $16.7 billion. For context, Ethereum’s protocols processed the same amount, while Arbitrum, Base, and Sui saw $6.65 billion, $8 billion, and $3.9 billion, respectively.
Network Activity Surges
According to Nansen, network usage on BNB Chain is popping off. Active addresses shot up by 46% to 7.67 million, while transactions spiked 62% to 51.9 million. Even fees are climbing – up 46% to $4.5 million in a week.
Elsewhere, Solana’s transactions ticked up by 4.6%. Tron, Near Protocol, and Aptos all rose by less than 10%. Bottom line? BNB Chain was the fastest-growing network in crypto over the past seven days.
Staking Pools Heating Up
Investors are piling into BNB staking pools too. Over the past 30 days, there’s been a net increase of 126K BNB staked, worth roughly $83 million. That brings BNB’s staking market cap to over $20 billion – a clear sign of confidence in the network.
BNB’s Technical Setup
On the weekly chart, BNB’s been cruising inside an ascending channel for months, holding steady above the 100-week EMA – a bullish signal that momentum’s intact. But it’s the cup-and-handle pattern that’s really got traders talking.
Right now, the pattern’s upper resistance line sits at $652, with the depth of the cup estimated at 72%. According to technical playbooks, the price target in a C&H setup is projected by taking the depth of the cup and adding it above the breakout point.
If BNB breaks out as expected, the target could be $1,121 – a level that marks the next big target for bulls. But as always, volatility’s the name of the game.
