Binance Coin (BNB) is experiencing renewed interest as its active user base hits an all-time high of 1.7 million. After reaching a peak of $673, BNB faced downward pressure but has successfully defended the $640 support level. Recent data indicates that the increase in users is substantial, as it includes real participants rather than bots or airdrop seekers, contributing to a stronger network effect.
Active addresses have also seen a significant rise, reaching 2 million, including approximately 595.7k new wallets. This uptick in user activity typically correlates with increased demand, a trend observed in various previous instances. Current market sentiment remains bullish, particularly among large entities, as shown by BNB's futures market where long positions dominate. In fact, long positions comprise 73% of all futures contracts, signaling strong anticipation of future price increases.
As user numbers continue to climb, the combination of increased utility for BNB and a positive outlook among investors may push the coin towards its next resistance level at $674. If historical patterns hold true, past surges suggest that if user growth sustains, a breakout beyond $674 could occur. Conversely, should user levels decline, BNB may test the $639 support again, making strategic support levels critical for traders.
Active addresses have also seen a significant rise, reaching 2 million, including approximately 595.7k new wallets. This uptick in user activity typically correlates with increased demand, a trend observed in various previous instances. Current market sentiment remains bullish, particularly among large entities, as shown by BNB's futures market where long positions dominate. In fact, long positions comprise 73% of all futures contracts, signaling strong anticipation of future price increases.
As user numbers continue to climb, the combination of increased utility for BNB and a positive outlook among investors may push the coin towards its next resistance level at $674. If historical patterns hold true, past surges suggest that if user growth sustains, a breakout beyond $674 could occur. Conversely, should user levels decline, BNB may test the $639 support again, making strategic support levels critical for traders.
