Binance Coin ($BNB) grew 19% in May, blasting past $697 as traders focus on the $732 resistance level. BNB Chain just processed triple the combined DEX volume of Ethereum and Solana. Can this fuel the breakout?
Institutional demand is growing, with ETF talks and a major SEC legal victory sparking predictions of a $2K rally.
This breakout performance didn’t just boost price charts; it catapulted $BNB deeper into the elite tier of cryptocurrencies, solidifying its rank as the fifth-largest digital asset by market cap.
Now valued at over $92 billion, BNB towers more than $10 billion above Solana and outpaces the likes of Cardano and Tron by nearly four times.
BNB Chain Outpaces Rivals with Record-Breaking $12.4B DEX Volume
The growth in $BNB’s value has also been reflected in the BNB Chain’s performance. Its 24-hour decentralized exchange (DEX) volume recently hit an all-time high of $12.4 billion.
This figure triples the combined DEX volume of Ethereum and Solana, illustrating the BNB Chain’s growing market relevance.
According to DeFiLlama, the BNB Chain also ranks third in active wallet addresses in the DeFi space, boasting over 1.4 million. It trails only Solana (5.06 million) and Tron (2.54 million), reinforcing its large user base.
Another key indicator of BNB Chain’s rising dominance is the explosion of stablecoin issuance on the network. As of November 2020, the stablecoin market cap on BNB Chain stood at a modest $140 million.
Fast forward to the present, and the network now commands over $10.2 billion in stablecoin total value locked (TVL).
$2K $BNB? Maxis Says ‘Trillion-Dollar Innovation’—But Can It Deliver?
This growth has fueled bullish sentiment among BNB loyalists, many of whom view the coin as a “trillion-dollar innovation.” Some are making bold predictions.
For instance, Crypto Gems, a well-known altcoin enthusiast on X (formerly Twitter), forecast that BNB could hit $2,000 in the current market cycle.
Beyond on-chain metrics, Binance also recently scored a major legal win.
On May 29, the U.S. SEC, Binance, and its co-founder Changpeng Zhao (CZ) jointly filed a motion in a Washington, D.C., federal court to dismiss the SEC’s complaint lodged in June 2023.
Following this development, USD Services went live in the U.S., allowing all users to deposit U.S. dollars and purchase crypto via ACH bank transfers.
Meanwhile, institutional interest is ramping up, with applications for a BNB spot ETF gaining traction, a development many believe strengthens the case for a $2,000 BNB.
Technical Analysis: $BNB Breakout Signals Path Toward $793 Price Target
The chart indicates that $BNB recently surged from a demand area between $620 and $635, which is now acting as a major support zone.
This range, showcased in blue on the chart, previously served as resistance but has flipped to support following a strong upward move marked by a spike in trading volume.
The price action shows that $BNB attempted to climb higher but encountered a major resistance zone between $711 and $732, represented in red.
This area has historically capped upward momentum and now stands as the primary hurdle $BNB must overcome to initiate a run toward a new all-time high (ATH). The chart projects an upside target of $793.12, representing a potential gain of about 20.86% from the current level.
The Relative Strength Index (RSI), currently at 49.45, suggests a neutral momentum.
During the recent rally, the RSI also showed signs of bullish consolidation, remaining mostly above the midpoint (50). A renewed push above 50 on the RSI would support a bullish case and suggest improving momentum.
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