BNB Chain Revenue Escalates 58% and 1.2M Users– Analysts Predict Long-Term Rate Target of $854
BNB has broken out of a long-lasting falling wedge pattern, supported by a 58% surge in chain profits and a rise to 1.2 million daily active users. Analysts now forecast a possible long-term rate target of $854, surpassing its previous all-time high.
BNB is flashing major bullish signals after breaking out of a long-term falling wedge pattern, with experts now eyeing a long-term price target of $854, a level that would set a brand-new all-time high for the token.
The breakout is backed by surging volume, strong technicals, and a wave of on-chain and community growth.
BNB soared past $667.92 earlier this week, moved by a sharp rise in trading volume that exceeded $1.6 billion, according to CoinMarketCap data. The move marks a decisive breakout from a falling wedge pattern that had actually compressed cost action given that late 2023. Historically, such breakouts, specifically when paired with high volume, signal strong bullish reversals.
Meanwhile at the time of press, the digital asset is switching hands with $671.10 after a 1.82% rise in the past 24 hours.
Technical analysts are positive. If the pattern continues to play out, the predicted long-lasting advantage might push BNB to $854, well above its present all-time high of $793.35. On the everyday chart, the Relative Strength Index (RSI) is hovering around 52, suggesting bulls are holding crucial assistance however need additional momentum to verify a rally. Resistance remains firm at $693, a price that has actually capped a number of previous attempts at a breakout.
Should BNB close above this level, it might lead the way for a move to $732, aligning with the 1.0 Fibonacci extension level.
Momentum indicators also point towards early bullish sentiment. The MACD has formed a subtle bullish crossover, with the MACD line above the signal line, though still below the zero mark. A move above zero would further confirm the strength of this uptrend. However, a reversal in momentum could lead to a retest of assistance at $634 and even $580 if the breakout fails.
Beyond technicals, the BNB Chain’s fundamentals are strengthening rapidly. The network has seen a 26.4% increase in daily active users, reaching 1.2 million. Simultaneously, quarterly income surged 58% to $70.8 million, a clear indicator of increasing network activity and utility.
These metrics reflect more than just short-term enthusiasm. Binance recently released a hackathon aimed at driving innovation in decentralized science (DeSci) and decentralized physical infrastructure networks (DePIN). The initiative could further expand the utility of the BNB ecosystem and attract new developers and users alike.
As macro headwinds continue to buffet the wider crypto market, BNB stands out with a compelling mix of technical and fundamental strength. With bullish patterns aligning and ecosystem momentum accelerating, analysts are increasingly optimistic about BNB’s long-term prospects, with $854 now firmly on the radar.
