Binance Coin (BNB) is showing signs of renewed strength amid explosive growth in Binance Wallet usage and on-chain activity. With over 4.3 million users onboarded in just one week and a commanding grip on the weekly crypto swap market, BNB is positioned as a major contender for the next leg of the bull market. The convergence of user growth, increased decentralized exchange (DEX) volume, and strong on-chain fundamentals suggests that BNB could be primed for a significant rally.
The Binance Wallet, which supports BNB as its native token, has recently surged in popularity. According to Dune Analytics, it handled over $3 billion in weekly swap volume, accounting for more than 90% of the total weekly crypto swap market. This milestone reflects a major shift in user behavior and solidifies Binance Wallet’s place as the dominant player among custodial and semi-custodial wallets.
Industry analyst and Primitive Ventures founder Dovey Wan attributes this meteoric rise to strategic features such as airdrop hunting, exclusive listing opportunities, and token-based incentives. These programs often require users to hold or stake BNB to access benefits, inherently driving up the demand and utility of the token.
“The wallet became a token-gated airdrop club and yield tool,” Wan explained, highlighting how these features serve as powerful incentives for user engagement and token accumulation.
The broader BNB Chain (formerly Binance Smart Chain) has also seen a remarkable uptick in activity. Last week, the ecosystem recorded a 128% increase in DEX volumes, amounting to nearly $19 billion. In the same period, the BNB Chain secured 19% of the total DEX market share, coming in just behind Solana, which led with 28%.
This data underscores the growing traction of the BNB ecosystem during periods of elevated market risk appetite. As market sentiment improves, BNB’s deep integration within its own ecosystem may give it a stronger foothold for capital inflows compared to other altcoins.
BNB’s current setup echoes Solana’s breakout earlier this year, when SOL surged to a cycle high of $295. The sudden spike in Solana’s transaction volume drove demand for SOL as users rushed to engage with new opportunities on its DeFi platforms.
A similar dynamic could unfold for BNB, particularly if token introduces, reward campaigns, and other DeFi incentives continue to gain traction on the BNB Chain. If so, BNB could mirror Solana’s momentum, benefiting from increased utility and exposure to high-traffic blockchain applications.
On the technical front, BNB’s price action reflects underlying bullishness. After testing the $690–$720 resistance zone, the token encountered mild selling pressure. However, it has found key short-term support around the $640–$645 range. This level sits above the mid-range of a multi-month ascending channel, offering a stable base for the next move.
For now, BNB appears to be range-bound between $600 and $720. A breakout above the upper limit of this range could trigger a move toward $900—a level not seen since the last bull market peak. Analysts view this breakout as the next logical step, especially if the bullish on-chain metrics continue to align with technical strength.
Despite the optimism, it’s important to remain cautious. Broader market volatility, unexpected regulatory developments, or a reversal in user growth could stall BNB’s rally. The token’s trajectory will also depend on Binance’s ability to maintain momentum through product innovation and community incentives.
BNB is emerging as a strong candidate for a bullish breakout, thanks to massive user growth, soaring DEX activity, and increasing on-chain demand. If current trends persist and the broader market remains favorable, BNB could rally beyond its recent highs and possibly test the $900 level in the coming months. As always, investors should monitor both on-chain trends and market sentiment closely when evaluating BNB’s potential.
Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.
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