- BNB Chain has flipped Solana to emerge as the leading network with 5.1 million daily active addresses.
- The rising network usage could bode well for BNB after the token flipped resistance at the 200-day EMA.
Binance Coin [BNB], at press time, was trading at $637 with a market capitalization of $90 billion. The altcoin had gained by 5% in 24 hours, bringing its weekly gains to nearly 10%.
While the recent gains have coincided with a bullish sentiment across the broader cryptocurrency market, rising activity on BNB Chain could sustain a long-term uptrend.
BNB Chain’s daily active addresses hit 5M
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.
Source: TokenTerminal
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.
Moreover, 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. Therefore, this upcoming upgrade could bode well for the BNB token.
Rising network activity could fuel the rally
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. It could also bolster investor confidence.
BNB flips resistance at the 200-day EMA
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 50-day EMA ($657).
Source: TradingView
The Relative Strength Index (RSI) has made a sharp move north, indicating an entry of buyers in the market. However, given that the RSI remains below 50, more demand is needed to push prices higher.
Long/Short Ratio shows mixed sentiment
Despite the positive outlook depicted by the rising network activity, the Long/Short Ratio at 1.03 shows that long traders remain hesitant.
Read Binance Coin’s [BNB] Price Prediction 2025–2026
Only 50% of traders have taken long positions on BNB, while 49% are short sellers.
Source: Coinglass
This Long/Short Ratio indicates that the market sentiment is almost neutral, with long traders and short traders taking equal positions. This could result in reduced volatility.
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