Binance Coin (BNB) has experienced a significant surge in recent weeks, fueled by an increase in network activity and a growing number of active addresses. As the BNB ecosystem continues to expand, traders and investors are closely monitoring key price levels that could signal further bullish momentum. With rising addresses, fluctuating netflows, and market volatility, BNB’s price movement toward $650 is becoming increasingly possible—if certain technical indicators align.

Record Highs in Network Activity and Address Growth

Binance Coin’s ecosystem has been seeing notable growth, with the total number of active BNB addresses recently reaching a record 229 million. This surge in addresses is a clear indication of increasing adoption and network engagement. Between January and February, the number of active addresses grew steadily from 219 million to 228 million, and by early March, the trend picked up further momentum, reinforcing the bullish outlook.

During this period, BNB’s price climbed from $517.75 to $598.44, reflecting a direct correlation between growing user engagement and price appreciation. However, the network saw a brief dip in active addresses to 223 million in early February, which was followed by a quick recovery. Such cyclical patterns suggest that steady address growth can support BNB’s price increase, though a slowdown in adoption could halt the bullish momentum.

If the rising address count continues, BNB could break through its recent resistance levels and push towards higher prices, potentially exceeding the 230 million address milestone.

Key Price Levels and Market Indicators

As of March 8, 2025, BNB’s price has shown considerable volatility. On its 1-hour chart, the price surged from $596.34 to a peak of $630, before retracing to $596.64. This fluctuation reflects broader market sentiment and investor activity.

Key technical indicators are also showing bullish signals. The Relative Strength Index (RSI), a momentum indicator, recently rose from 30 to 55.57. This upward movement indicates strong bullish momentum following an oversold recovery. If the RSI exceeds 70, it could signal further upside potential, with BNB aiming for the $650 level. Conversely, if the RSI drops below 50, it might signal weakness and a potential price retracement.

The Exponential Moving Average (EMA) 9/26 crossover at $596.64 is another bullish signal, suggesting a buying opportunity for traders. This technical pattern is often a precursor to further upward momentum.

Monitoring Netflows and Open Interest

BNB’s spot netflow data has provided crucial insight into shifting investor behavior. Netflows surged in late January to $60 million when BNB was trading around $600, indicating strong buying interest. However, by mid-February, netflows declined to -$60 million, coinciding with a price drop to $500. More recently, on March 7, 2025, the netflow rebounded to $40 million, aligning with a price of $601.10.

This resurgence in netflows suggests renewed buying activity, which could support further upward movement. If net inflows exceed $60 million, BNB could challenge the $650 mark. On the other hand, if inflows turn negative again and drop below -$30 million, selling pressure may push the price back toward $550.

Open Interest (OI) data from BNB derivatives further supports the notion of a bullish market. As of March 7, 2025, OI increased from 462,108 to 482,102 contracts, signaling strong market leverage and interest. A rising OI suggests that more traders are taking on leveraged positions, reinforcing the bullish sentiment. If OI continues to rise and reaches 490,000 contracts, BNB could target $700. However, a drop below 460,000 contracts could indicate a bearish shift, with the price potentially falling toward $500.

Long-Term Outlook: What’s Next for BNB?

In the long run, BNB’s price movements will depend largely on whether it can maintain support at key levels. The $550–$570 range continues to serve as strong support, with resistance forming around $630. If BNB can break through $630, it could move toward the $650 level, driven by sustained buying activity and strong market sentiment.

On the flip side, a dip below $580 could lead to a correction, with the $550 support acting as a critical level to hold. If the market sentiment shifts negatively, a bearish EMA crossover below $580 could signal a reversal, with BNB potentially testing the $500 support zone.

For a more bullish outlook, BNB needs to sustain its position above $600, supported by continued address growth, positive netflows, and increasing open interest. If these conditions hold, BNB could see further upward momentum toward its long-term target of $700.

Conclusion

Binance Coin is showing strong signs of growth, supported by rising addresses, bullish technical indicators, and shifting investor behavior. If the current momentum continues, BNB has the potential to reach $650 in the short term. However, traders should watch for key levels such as $580 and $630, as well as netflow and open interest trends, to gauge the direction of the market. With continued positive sentiment, BNB could see further upward movement, potentially even surpassing its previous all-time highs.