The Binance Coin price soared over 12% in today’s session, reaching an all-time high of $712 amid the rally. Binance celebrated this achievement and shared their optimism in a post on X.
Binance celebrated the recent surge in BNB price as the exchange’s native token hit a new all-time high, surpassing $700 today. This milestone comes amid increased on-chain activity and growing network usage. Binance, the popular crypto exchange backing BNB, expressed optimism about this achievement.
BNB’s Surging Demand and Positive Market Sentiment
According to data from BscScan, there has been a significant increase in BEP-20 token transfers, rising from 6.62 million on May 19 to 10.29 million by June 3. This 56% surge in daily token transfers indicates strong demand for the BNB network, showcasing its expanding utility and adoption.
The increase in daily token transfers highlights the network’s growing traction. Such a spike typically signifies heightened user engagement and transaction volumes, which bolsters the bullish sentiment surrounding BNB. Additionally, the BscScan BNB Smart Chain Unique Addresses chart underscores this growth. The metric, which counts each active address only once per day, has shown a consistent average increase of 150,000 unique addresses daily. This steady rise points to more users and new capital flowing into the BNB Smart Chain, further supporting the positive outlook.
However, despite these bullish signals, technical analysis previously suggested caution. If BNB were to break the upward trendline of its current triangle pattern and close below $500, market sentiment could shift to bearish, potentially triggering a 9% decline and targeting the 50% Fibonacci retracement support level at $454.
Conversely, the recent surge beyond $700 reduces the likelihood of such a bearish trend in the short term. If the BNB price sustains above $700, a crash can be averted, and a further rally could occur due to the increasing influx into the BNB chain.
BNB Price Rally and Market Performance
The BNB price failed to stay above $700 in today’s trading session; however, daily gains exceeded 11%. At the time of writing, the Binance Coin price rallied 11.37% to $697.26 on Wednesday, June 5. Meanwhile, the prominent crypto exchange’s token boasted a market capitalization of $102.91 billion.
Furthermore, the 24-hour trading volume for BNB skyrocketed by 85.53% to $4.35 billion. During the recent rally, the BNB price reached a fresh all-time high of $712.59. Following this achievement, Binance celebrated the milestone on X.
In a post on X, the exchange wrote, “BNB reached over $700, hitting a new ATH!” Additionally, Binance Africa also hailed this latest achievement as a “historic” one.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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