Binance Coin [BNB] Defends $640 Support Amid 1.7 Million Real Users Surge

Binance Coin [BNB] has shown resilience in the face of recent market fluctuations, successfully defending the $640 support level after a brief retracement from its local high of $673. This rebound was not merely a random fluctuation but was backed by significant on-chain data indicating a surge in real user activity.

According to the analysis, BNB's Non-Sybil Users, which exclude airdrop hunters and bots, reached an all-time high of 1.7 million. This metric is crucial as it represents verified real users actively engaging with the BNB chain, signaling a genuine increase in demand and utility for the cryptocurrency. The growing number of actual users suggests that the network is becoming stronger, with more people finding value in using BNB.

In addition to the rise in Non-Sybil Users, BNB Active Addresses also hit a monthly high of 2 million. This includes new wallets, which spiked to a month high of 595.7k. The significant increase in active addresses and new entrants reflects a growing demand for the chain. Historically, a higher number of users has preceded increased prices, indicating a positive outlook for BNB.

The bullish sentiment is not limited to individual users but extends to large entities as well. BNB’s Futures Taker CVD (Cumulative Volume Delta) remains buyer-dominant over the past 90 days, indicating that taker orders in futures are mostly long-biased. This confirms market conviction and suggests that investors anticipate prices to rise further. Additionally, the Futures Average Order Size shows that large whale trades have returned, with green dots dominating recent charts, confirming that big players are stepping back in and taking long positions.

With the adoption rate soaring and investors maintaining a bullish outlook, BNB is in a favorable position for further gains. If the current conditions persist, the altcoin could complete the trend reversal and target $674. However, if the number of users entering the market fails to boost BNB higher, the altcoin may retrace and retest the $639 support level.