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- BNB maintains long-term bullish structure despite recent pullback.
- BNB Chain adoption and daily transactions hit record highs.
- Market accumulation and long-dominated futures indicate continued upside potential.
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August was a record month for Binance Coin [BNB], which surged to a new all-time high of $900 before retracing to $854 at press time. Despite this four-session pullback, analysts highlight that BNB remains within a long-term ascending channel, maintaining its bullish structure. Routine corrections are common in a rising market, and BNB’s current pattern suggests strong underlying demand rather than a trend reversal.
Record Usage Boosts BNB Chain Adoption
BNB’s resilience is closely tied to growing adoption of the BNB Chain. Active Addresses have more than doubled since April, now averaging between 2 million and 2.5 million daily transactions, with spikes reaching 3 million, according to analyst Darkfost. Artemis data shows that returning users account for 1.5 million addresses, while 1.8 million are new accounts, signaling sustained organic demand.
This growth has allowed BNB to outpace major competitors like Ethereum [ETH], Bitcoin [BTC], and Base. Daily transactions on the BNB Chain have nearly tripled since June, fluctuating between 10 million and 14 million, further highlighting the network’s robust adoption and utility.
Accumulation and Futures Market Support BNB
Market activity indicates steady accumulation, with CoinGlass reporting four consecutive days of negative Spot Netflows. Withdrawals from exchanges, totaling -$2.66 million at press time, suggest investors are holding rather than selling, strengthening the bullish outlook.
Futures markets also point to optimism. Santiment reports that Funding Rates have remained positive for two months, and Coinalyze shows a Long/Short Ratio around 2.5, with longs representing 71.8% of contracts. This dominance of long positions indicates traders are betting on further upside for BNB.
Looking Ahead: Key Levels to Watch
Analysts at AMBCrypto emphasize that BNB’s organic adoption and growing user base position the altcoin for potential gains. A rebound could push BNB to reclaim $885 and challenge its ATH at $900. Conversely, weakening demand may prolong the downtrend, with $817 acting as a critical support level.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Binance Coin (BNB) Breaks $850 — Analysts Predict 134% Surge to $2,000 in 2025
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