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Binance Coin [BNB] may be on the cusp of a significant rally, with AMBCrypto reporting that a recent price decline may have been triggered intentionally by large holders—possibly setting the stage for a strategic buyback. If momentum sustains, BNB could reclaim its December 2024 high of $793, marking a potential 42% surge from current levels.
BNB Adoption Surges
Over the past 24 hours, BNB adoption has surged, with unique addresses interacting with the BNB Smart Chain reaching an all-time high of 539 million—an increase of 268,000 from the previous day. These first-time interactions suggest a growing user base and rising interest in the ecosystem.
In addition, transaction volume soared to 4 million within the same period, reflecting heightened market participation. This uptick in activity comes as BNB trades within a historically significant buy zone, signaling a potential upside breakout.
Bullish Pattern Forms as ‘Paper Hands’ Exit
On the technical front, BNB has entered a bullish triangle formation near a critical support level. Historically, this zone has triggered sharp price rallies. However, it has also served as a trap for low-conviction traders—so-called “paper hands”—who exit during liquidity sweeps, only for the price to rebound.
Whales and institutional players appear to be taking advantage of these dips, quietly accumulating BNB at discounted prices. If this trend holds, BNB could break through descending resistance and initiate a bullish leg.
Accumulation and Bullish Sentiment Dominate
AMBCrypto’s analysis shows that spot market buyers have accumulated over $21 million in BNB in just three days, with $9.83 million bought in the last 24 hours alone. In the derivatives market, the Open Interest (OI)-Weighted Funding Rate remains positive at 0.0020%, indicating bullish sentiment among futures traders.
With increasing participation, sustained accumulation, and bullish momentum building, BNB is positioning itself as a potential market leader in the coming days. Should these signals hold, a strong rally toward $793 could soon materialize.
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 Partners with Worldpay for Apple Pay and Google Pay Crypto Purchases
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