BNB Eyes $809: What's Fueling the Rally?
BNB on the Brink of a Breakout
Binance Coin (BNB) has been on a tear, gaining 1.87% recently and trading within striking distance—about $13—of its all-time high (ATH) of $809. Several on-chain and derivatives metrics suggest that a breakout could be imminent.
Growing trading volume, increased wallet adoption, and rising institutional interest appear to be converging at a crucial moment for BNB.
Key Drivers Behind BNB's Ascent
DEX Volume Dominance
Data from DeFiLlama reveals that BNB chain recorded $3.936 billion in daily DEX volume, surpassing Ethereum by over $1.5 billion. This positions BNB as the top-performing chain in terms of DEX volume over the past 24 hours.
Over the last month, BNB's cumulative DEX volume reached $189.2 billion, more than double Solana's $79 billion, according to DeFiLlama.
User Adoption on the Rise
BSCScan data indicates a significant increase in network adoption, with over 180,000 new BNB addresses created in the past day—a surge of more than 62%. This brings the total number of new addresses to over 288,000.
Derivatives Market Signals Bullish Momentum
The derivatives market is also reinforcing a bullish outlook for BNB.
CoinGlass data shows the Taker Buy/Sell Ratio and the Open Interest (OI) Weighted Funding Rate are both leaning bullish.
- The Taker Buy/Sell Ratio is around 1.1, indicating stronger buy-side pressure.
- The Open Interest Weighted Funding Rate is positive at 0.0141%, meaning long positions are paying a premium.
Institutional and Whale Activity
A whale deposited $5.56 million in USDC into HyperLiquid, opening a 3x long position in BNB and short positions in Solana and Zora. The BNB position accounts for $10.2 million in long exposure.
Additionally, Windtree Therapeutics, Inc., has established a $520 million BNB treasury fund, signaling a long-term commitment to digital assets.
Patrick Horsman, CFA and Director at Horsman Holdings, stated that Windtree’s strategy reflects a “forward-thinking approach to value creation.”
Will BNB Break Through?
Currently trading around $796.29, BNB is just below its ATH of $809.84, according to TradingView data.
Given the bullish derivatives setup, rising DEX dominance, and institutional validation, a breakout past its all-time high seems increasingly possible if the current momentum continues.
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