Key Insights
- Binance Coin price has rebounded in the past few weeks and is hovering near its highest level since November.
- Nansen data shows that the number of transactions in the BSC network rose to 417 million in the last 30 days.
- The network’s active addresses rose by 1% in the last 30 days to over 41.2 million.
Binance Coin price held steady. At the same time, the Supertrend indicator turned green as the network growth continued. Moving ahead, it executed a large token burn.
BNB token was trading at $935, up by 18% from its lowest point in November. This article provides a BNB price prediction and explores what to expect.
Binance Coin Price Rises as BSC Transactions Rise
Binance Coin price has done well in the past few days, helped by the recent crypto market rally. Network activity jumped in the past few weeks and continued growing. The recent Fermi hard fork reduced block time from 0.75 seconds to 0.45 seconds, a change that may extend this trend.
Developers launched earlier hard forks like Lorentz, Pascal, and Maxwell to make the chain faster. The Fermi hard fork followed these upgrades and continued the push for speed.
Data compiled by Nansen shows that the number of transactions rose by 1.5% in the last 30 days to 417 million. This made it the second most active chain in the crypto industry after Solana. In contrast, Ethereum handled over 57 minutes of transactions in the same period.
More data showed that the number of active addresses on BSC rose by 1% to over 41 million. Active users outnumber those on other chains. Ethereum had 13 million, Polygon 14 million, and Avalanche 1.5 million.
Most importantly, the BSC network has continued to generate substantial fees in this period. Data shows that the amount of active fees rose by 24% in the last 30 days to over $16 million. That’s also higher than Ethereum.
One benefit for the ongoing fee jump is that its real-time token burn has continued rising in the past few weeks. Data shows that the network burned 720 coins worth $672,925 in the last 30 days. It has burned tokes worth $262 million over time.
The BSC network has gained more users because of its market share in key industries like stablecoins and DeFi. Data shows that the BSC Chain has over $15 billion in stablecoin supply.
The BSC network handled over 355 million transactions in the last 30 days. On the other hand, its adjusted transaction volume rose to over $175 billion. This growth will likely continue rising as bulls over time after the passage of the GENIUS Act.
The network has also gained market share in the decentralized exchange industry. There, its protocols handled transactions worth over $44 billion in the last 30 days, higher than Ethereum’s $43 billion.
BNB Token Burn and ETF Approval
The other main catalyst for Binance Coin’s price is the recent token burn. It executed the quarterly token burn of 1.37 million tokens worth over $1.27 billion.
The token burn was part of the quarterly auto-burn, which burns tokens based on the number of blocks produced.
This approach burns tokens worth over $4 billion each year. It aims to cut the supply from 137 million tokens to 100 million. The burn directly reduces the number of tokens in circulation.
Meanwhile, there is a likelihood that the SEC will approve the filed Grayscale and VanEck BNB ETFs later this year. Such a move would likely lead to more demand for the token.
BNB Price Technical Analysis
The daily timeframe chart shows that the Binance Coin price has rebounded in the past few days. It has moved from a low of $788 in November to the current $933.
It has moved to the 50% Fibonacci Retracement level. Also, the coin has moved above the Supertrend indicator for the first time since August last year.
Binance Coin price has moved above the 50-day and 100-day Exponential Moving Averages (EMA). It has moved above the key resistance level at $925, the neckline of the triple-bottom pattern.
Therefore, the token will likely continue rising as bulls target the key resistance level at $1,000. A move above that level will point to more gains, potentially to the 23.6% retracement level at $1,170.
Crispus is a distinguished Financial Analyst at, bringing over 12 years of expertise in cryptocurrency markets, specializing in Bitcoin and altcoins. Renowned for his sharp insights at the nexus of market trends and breaking news, Crispus delivers actionable analysis to empower investors. His work is prominently featured across leading platforms, including BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com, cementing his reputation as a trusted voice in the financial world.
