BNB Surges Past Solana, Bulls Charge as Network Activity Explodes

Binance Coin (BNB) has recently overtaken Solana in terms of daily active addresses, with BNB Chain recording 5.1 million daily active addresses compared to Solana's 4.2 million. This surge in activity has coincided with a bullish sentiment across the broader cryptocurrency market, with BNB gaining 5% in 24 hours and nearly 10% over the week.

Rising network activity on BNB Chain could sustain a long-term uptrend for BNB. According to TokenTerminal, the number of daily active addresses on BNB Chain has surged to 5.1 million, significantly higher than Solana's 4.2 million. In fact, the blockchain ranked first among layer one and layer two networks by address count. If the number of daily active addresses is increasing, it shows that more users are joining the network, which could bolster demand for the token.

Former Binance CEO, Changpeng Zhao, has hinted at an upcoming upgrade on BNB Chain. In an X (formerly Twitter) post, Zhao noted that the upgrade was "in the works." Network upgrades are meant to boost network scalability and usage, and this upcoming upgrade could bode well for the BNB token.

Rising network activity could fuel the rally for BNB. Data from DappRadar shows dApp volumes on BNB Chain surged 42% in the last 30 days to $52 billion. During the same time, the transaction count increased by 43% to 21 million. Besides rising dApp activity, the stablecoin market capitalization has increased gradually to nearly $7 billion, per DeFiLlama. Additionally, the Total Value Locked (TVL) has risen above $6 billion after falling below this level early last week. This rising activity could bode well for BNB in the long term due to rising demand for the token and bolster investor confidence.

BNB is showing bullish signs on its daily chart. Green volume histogram bars indicate buying pressure has overwhelmed selling pressure for six consecutive days. BNB also flipped crucial resistance at the 200-day Exponential Moving Average (EMA) of $622, indicating the long-term trend has flipped bullish. The token could drop to retest this level, and if it holds, it will ignite a rally to the next resistance at the 5