Binance Coin (BNB) is once again attracting attention as it inches closer to a key resistance level, with bullish technical signals and rising network activity suggesting that a 23% rally could be on the horizon. Over the last 24 hours, BNB posted a modest gain of 1.36%, pushing its monthly return closer to double digits—a sign that momentum is slowly building for what could become a major breakout.

At the heart of this renewed optimism is the noticeable growth in activity across the BNB Smart Chain. According to the latest on-chain data, the network just recorded its second-highest growth spike in 2024, with net worth utilization climbing to 24%. This figure closely trails the 25% high observed in February and is widely interpreted as a strong signal of increased protocol usage.

Supporting this upward trend is a massive increase in active wallet addresses. Since May 2nd, the number of active addresses on the BNB Smart Chain has nearly doubled, rising from 1.15 million to over 2.05 million in just a matter of days. The number of unique wallet addresses also continues to grow, now exceeding 552 million, with nearly 1 million new addresses being added daily.

While not all of these new wallets have completed transactions, their presence signals expanding interest and user onboarding, laying the groundwork for future engagement with BNB tokens and associated decentralized applications (dApps).

The uptick in user activity is not the only bullish factor in play. On the technical side, BNB’s daily price chart has formed a classic inverted head-and-shoulders pattern—a formation that often indicates an upcoming bullish reversal. If this pattern plays out, analysts estimate that BNB could rally to $749, representing a 23% increase from current levels. This would also mark the token’s highest price point so far in 2025, reinforcing the growing sentiment that BNB may be on the verge of a strong upward move.

This projected rally isn’t just based on speculation. The increasing pace of adoption and rising on-chain participation suggest that real user demand could support further price appreciation. In the often-volatile world of crypto, such fundamental backing provides an added layer of confidence for long-term holders and short-term traders alike.

However, the picture isn’t entirely one-sided. Despite the favorable technical setup and improving network metrics, recent exchange activity has raised some concerns. Over the past 24 hours, approximately $8.42 million worth of BNB has been transferred to exchanges and sold. This wave of selling appears to be driven by spot traders engaging in profit-taking following recent price gains.

While occasional sell-offs are normal in bull cycles, sustained selling pressure can quickly erode momentum and undermine confidence. If this trend of exchange inflows continues over the coming days, it could pose a short-term risk to BNB’s rally potential.

Still, market watchers remain optimistic. As long as the BNB Smart Chain maintains its growth and adoption trend, the underlying strength may be enough to offset near-term selling. If bulls manage to push the token through the $749 resistance zone, it could act as a breakout trigger that draws in more buyers—potentially igniting a longer-term rally.

For now, BNB remains in a favorable position. With network fundamentals improving and technical signals flashing green, the road to $749 appears increasingly plausible. Whether it can sustain the momentum and overcome short-term hurdles will likely determine if Binance Coin can enter a new bullish phase or settle into consolidation once again.