BNB Coin Surges 8.65% as BNB Chain Transactions Jump 160%

Binance Coin (BNB) has shown significant signs of recovery in recent days, with its price reaching $655, the highest point since June 12, marking an 8.65% increase from its lowest level in June. This rebound is supported by a bullish technical pattern and improving key on-chain metrics.

The BNB Chain network has demonstrated remarkable growth, becoming one of the fastest in the crypto industry. The number of transactions on the network surged by 160% in June, reaching 425 million, second only to Avalanche (AVAX), which saw a 224% increase. Additionally, BNB Chain’s active addresses climbed by 7.4% to 24.9 million, surpassing Ethereum’s 7.25 million.

BNB Chain has also established itself as the largest player in the decentralized exchange sector. Protocols within its network handled over $166 billion in June, a record high and a significant increase from the previous month’s $104 billion. This volume surpassed the combined total of Solana (SOL) and Ethereum.

Stablecoin activity on BNB Chain is also on the rise. The total stablecoin supply increased by 2.3% in June to $10.5 billion, while the number of unique stablecoin-holding addresses grew by 13% to 12 million. The adjusted stablecoin transaction volume on the network topped $340 billion for the month.

BNB Chain recently implemented its Maxwell upgrade, aimed at boosting network speed to 75 seconds per block. This marks the third major upgrade this year, following Pascal, which improved Ethereum compatibility, and Lorentz, which reduced block times from 3 seconds to 1.5 seconds.

The daily chart of BNB shows that the token bottomed at $508 earlier this year and has since rebounded to $653. The price action has formed a bullish flag pattern, which is typically seen as one of the most reliable continuation patterns in technical analysis. This pattern consists of a sharp vertical rise followed by a descending consolidation channel.

The BNB token has moved above the 50-day and 100-day Exponential Moving Averages, with top oscillators like the Relative Strength Index and the MACD pointing upwards. This technical setup suggests a likely bullish breakout, with the next target being the psychological point at $700, its highest point on May 28. A break above that level could indicate further upside, with the next target being at $795.