BNB Chain has marked a significant milestone by reaching 60 million active addresses, doubling its numbers since the start of the year. In parallel, BNB futures open interest has soared to a record $2.57 billion, highlighting increasing confidence in the cryptocurrency market.
BNB Reaches New Heights
The price of BNB has surged to an all-time high (ATH) of $1,220.63, extending a substantial rally that has attracted investors’ attention and pushed the token to historical levels. This latest achievement underscores growing trust in Binance and the wider cryptocurrency market, with bullish momentum fueling expectations of further gains towards $1,300.
Last week alone, BNB saw an increase of over 17%, contributing to a monthly rise of more than 40%. This upward trend is largely driven by a surge in activity on the Binance Smart Chain, robust growth in decentralized finance (DeFi) use, and renewed institutional inflow into digital assets.
Strengthening Market Dynamics
As Binance consistently burns tokens and expands into Web3 services—such as staking, NFTs, and cross-chain infrastructure—the role of BNB is becoming more solidified as an essential asset rather than merely a speculative one. The utility of the token in payment systems and DeFi protocols is proving to be a defining feature of its long-term strength.
Increasingly, traders are positioning themselves around this ecosystem-driven growth, enabling BNB to maintain its upward trajectory, even as the overall market undergoes consolidation. With the global cryptocurrency market nearing a value of $4 trillion, BNB’s performance serves as a marker of resilience and investor confidence.
Rising On-Chain Activity
Alongside the price surge, on-chain metrics for BNB have reached unprecedented levels. The count of monthly active addresses on BNB Chain has doubled since January, exceeding 60 million, indicative of accelerating adoption.
The total value locked in BNB-based protocols has also seen a significant uptick, rising from $7.58 billion at the end of September to $8.69 billion at the beginning of October—the highest level since mid-2022. These figures highlight increasing user participation and capital deployment within the Binance ecosystem.
Furthermore, the bullish sentiment is confirmed by derivatives activity, as open interest for BNB futures climbed to a new high of $2.57 billion, according to CoinGlass data. This suggests new capital inflows into leveraged positions, further underpinning expectations of a continued upward movement.
Technical Outlook for BNB
From a technical standpoint, BNB has broken through several key levels. After bouncing from a support level near the 61.8% Fibonacci retracement at $948.45, the token surged over 24% in just six days, surpassing $1,192 before establishing its latest record.
Analysts now see the immediate target at $1,229.80, followed by a Fibonacci extension target around $1,301.91. Technical indicators support this perspective, with the Relative Strength Index (RSI) at 73.58 and still trending upwards, while the MACD has recently displayed a bullish crossover.
Despite the favorable setup, analysts caution against potential corrections, especially with the RSI now situated in overbought territory. If BNB’s price retraces, market analysis indicates that $1,191 represents the first key support level to watch. Failure to sustain this area could trigger a decline toward $1,079. Nonetheless, market sentiment remains strongly positive, bolstered by both technical strength and ecosystem growth.
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