BNB price nears breakout as key network metrics surge

Binance Coin price has rebounded in recent days and may be on the verge of further gains as a bullish technical pattern takes shape and key on-chain metrics improve.

Binance Coin (BNB) rose to $655, its highest point since June 12, and 8.65% from its lowest level in June. 

According to third-party data, the BNB Chain network has become one of the fastest in the crypto industry. Nansen reports that the number of transactions on the network jumped by 160% in June, reaching 425 million. This growth was second only to Avalanche (AVAX), which saw a 224% increase in transactions.

BNB Chain’s active addresses climbed by 7.4% to 24.9 million, well above Ethereum’s 7.25 million.

BNB active addresses chart | Source: Nansen

Additional data shows BNB Chain is now the largest player in the decentralized exchange sector. Protocols in its network handled over $166 billion in June, a record high. It was a big increase from last month’s $104 billion, and was higher than Solana (SOL) and Ethereum combined. 

BNB Chain is also seeing rapid growth in stablecoin activity. Its total stablecoin supply rose by 2.3% in June to $10.5 billion, while the number of unique stablecoin-holding addresses grew 13% to 12 million. Adjusted stablecoin transaction volume on the network topped $340 billion for the month.

Meanwhile, BNB Chain rolled out its Maxwell upgrade, aimed at boosting network speed to 75 seconds per block. It marks the third major upgrade this year, following Pascal, which improved Ethereum compatibility, and Lorentz, which reduced block times from 3 seconds to 1.5 seconds.

BNB price chart analysis

Binance Coin price chart | Source: crypto.news

The daily chart shows that BNB bottomed at $508 earlier this year and has since bounced back to $653. The price action has formed a bullish flag pattern, typically seen as one of the most reliable continuation patterns in technical analysis. The setup consists of a sharp vertical rise followed by a descending consolidation channel.

The BNB token has moved above the 50-day and 100-day Exponential Moving Averages. Top oscillators like the Relative Strength Index and the MACD have pointed upwards.

Therefore, the token will likely have a bullish breakout, with the next target being the psychological point at $700, its highest point on May 28. A break above that level will point to more upside, with the next target being at $795.