Despite a 4.53% decline in the last 24 hours, Binance Coin (BNB) is maintaining its upward momentum. On-chain data indicates a surge in BNB adoption, with the number of unique addresses on the BNB Chain reaching 500 million. This significant milestone suggests a potential BNB rally, as technical indicators and market sentiment show signs of strength at a key support level.
On-Chain Data Points to Bullish Momentum
Although BNB has experienced a slight drop, its resilience stands out in an otherwise weak market. The record-breaking 500 million unique addresses on the BNB Chain highlight a growing demand for the asset. Increased transaction volume and rising interest in BNB further bolster the case for a potential price rally.
However, broader market sentiment remains fragile. If the crypto market continues its downward trajectory, the expected BNB price surge could be delayed.
Investor Trends and Market Sentiment
According to AMBCrypto, investor behavior is shifting in favor of BNB. Spot investors have ramped up their BNB purchases, accumulating $117.84 million worth of BNB since January 27.
Data from Coinglass shows a negative net exchange flow, meaning investors are moving their BNB holdings from exchanges to private wallets. This suggests reduced selling pressure and increased confidence in BNB’s future performance.
Additionally, Binance’s top derivatives traders maintain a long-short ratio of 2.369, indicating a strong preference for buying. A long-short ratio above 1 signals that buyers are dominating the market, further reinforcing a bullish outlook.
Technical Indicators Support a BNB Rebound
From a technical analysis perspective, BNB is showing strong signals of an upward trend. After reclaiming a key support level, BNB is currently trading at $605.90, with the potential to climb toward $793.86.
A crucial indicator, the Parabolic SAR, is flashing bullish signals. The Parabolic SAR dots have moved below the price, a classic sign of upward momentum in technical analysis. This suggests that BNB’s bullish trend is gaining strength and could continue in the upcoming trading sessions.
As market conditions evolve, Turkish NY Radio will continue to monitor BNB price trends and provide timely updates.
