Binance Coin (BNB) is facing downward pressure in the markets, even as its blockchain network, BNB Smart Chain (BSC), is outperforming major competitors like Ethereum and Solana in user activity and decentralized exchange (DEX) volume.

BNB Price Cools Off Despite Strong Blockchain Growth

On June 15, BNB’s price dipped to $650, marking a 6.7% decline from its recent peak and about 18% lower than its highest price this year. While BNB’s price action remains relatively muted, the underlying blockchain—BNB Smart Chain—has experienced remarkable growth over the past month.

Data from blockchain analytics platform Nansen highlights that BNB Smart Chain has become the fastest-growing network over the last 30 days. The chain processed over 405 million transactions, an impressive 243% surge compared to the previous month. This transaction volume places BSC ahead of nearly all other blockchain networks, with only Solana registering higher numbers at approximately $1.9 billion in value moved during the same period.

User Activity and Transaction Growth Surge on BSC

This sharp increase in transactions has been driven by a rise in active users and wallet addresses engaging with the network. According to Nansen, BNB Smart Chain saw its monthly active addresses climb by 17% to reach 21.9 million—a figure that surpasses usage seen on Ethereum (ETH) and Tron (TRX).

The spike in user activity has led to increased network fees as well. In the last 30 days, BSC generated $14.8 million in fees, reflecting a 3% gain over the previous month. While relatively modest, this revenue plays a significant role in the tokenomics of BNB due to the token’s burn mechanism, which reduces overall supply over time.

BNB Smart Chain Dominates DEX Market

Perhaps the most notable achievement for BNB Smart Chain this month is its dominance in decentralized exchange volume. BSC protocols recorded $147 billion in total volume in the past 30 days, well ahead of Solana’s $79 billion and Ethereum’s $65 billion.

This momentum is largely thanks to PancakeSwap, BSC’s largest DEX. PancakeSwap alone processed $3.3 billion in trading volume over a 24-hour period—outpacing leading Ethereum-based exchange Uniswap, which handled $1.7 billion in the same timeframe. Other rivals like Raydium ($545 million) and Aerodrome ($343 million) also lagged behind.

These figures underline BNB Smart Chain’s growing appeal among DeFi users, who are drawn to its lower fees, high throughput, and increasingly diverse ecosystem of decentralized applications.

Technical Outlook: BNB at a Critical Crossroads

From a technical perspective, BNB’s price appears to be consolidating despite the fundamental growth of its underlying network. A look at the 12-hour chart shows the token hovering around the 100-period moving average, maintaining a slight edge above the key support level at $644—a level last seen in late March.

Traders have noted the formation of a bullish pennant pattern, typically a sign of potential upward continuation. This pattern includes a vertical rally (flagpole) followed by a tightening symmetrical triangle. Since the lines of the triangle are yet to fully converge, BNB may continue its sideways trading for a short period before a breakout attempt.

Should BNB break above $697.55, the high from May 27, it would likely trigger bullish momentum toward new yearly highs. However, a drop below the $625 support zone—last tested on June 5—could invalidate the bullish outlook and open the door to further downside.

What’s Next for BNB and BSC?

While Binance Coin’s price hasn’t fully reflected the network’s growth, market analysts suggest that BNB could be in a delayed reaction phase. The increased transaction activity, higher fee generation, and rising user engagement typically contribute to long-term value appreciation.

Moreover, BNB’s price is tightly linked to its blockchain’s usage. With PancakeSwap outperforming other DEXs and overall volume booming, BNB holders may eventually benefit from increased demand and more aggressive token burns.

However, short-term price action will likely depend on broader market sentiment, macroeconomic developments, and Bitcoin’s next move. Still, the fundamentals behind BNB Smart Chain look stronger than ever.