- BNB continues its recovery, trading around $670 on Tuesday after rebounding from a key support level.
- On-chain data paints a bullish picture, with BNB ecosystem trading volume and stablecoin activity rising.
- Technical outlook signals a bullish breakout, targeting higher price movements.
BNB (BNB) has extended its recovery, trading near $670 on Tuesday after bouncing off a critical support level over the weekend. On-chain metrics and technical analysis suggest further upside potential as BNB breaks out of a symmetrical triangle pattern, with ecosystem trading volume and stablecoin activity reaching new highs.
BNB Trading Volume and Stablecoin Activity Hit Record Levels
Data from Token Terminal reveals that the BNB ecosystem’s trading volume (aggregate trading volume generated by all decentralized exchange applications on the BNB Chain) surged to a yearly high of $11.35 billion on Sunday, steadily climbing since early May. This spike reflects growing trader interest and on-chain liquidity, bolstering bullish momentum for BNB.
BNB’s stablecoin supply has also risen sharply, hitting $10.2 billion last week—a yearly peak—according to Artemis Terminal. Increased stablecoin activity and project valuations within the BNB ecosystem indicate bullish prospects, as they enhance network utility and attract users through DeFi, meme coins, and payment use cases.
BNB Price Prediction: Buyers Target Levels Above $700
BNB’s price broke above a symmetrical triangle on May 8, a technical pattern formed by converging trendlines connecting successive highs and lows from January to early May. The breakout fueled a 10%+ rally, though prices have since consolidated between $638 and $696 for over 21 days. As of Tuesday, BNB trades near $668 within this range.
A daily close above $696** could propel BNB toward the triangle’s theoretical target of **$839.14 (measured by adding the pattern’s height to the breakout point). Traders may lock profits near the weekly resistance of $709.29** or the **February 13 high of $732.
The daily Relative Strength Index (RSI) at 55 and trending upward from the neutral-50 level signals strengthening bullish momentum.
👉 BNB's breakout strategy: Key levels to watch
However, a corrective pullback could see BNB retest the $638 support level, aligning with the consolidation range’s lower boundary.
FAQ: BNB Price Analysis
Q: What’s driving BNB’s current price recovery?
A: Rising ecosystem trading volume ($11.35B), stablecoin inflows ($10.2B), and a technical breakout from a symmetrical triangle pattern are key drivers.
Q: What’s the next target if BNB breaks $696?
A: The breakout target is $839.14**, though interim resistance lies at **$709.29 (weekly) and $732 (February high).
Q: Could BNB face a downturn?
A: Yes. Failure to hold $638 may trigger a deeper correction.
👉 Stablecoin trends and their impact on BNB
Disclaimer: This content contains forward-looking statements subject to risks and market volatility. Conduct independent research before investing. The author is not liable for investment losses.