BNB's network growth has reached the second-highest level in 2024, indicating stronger on-chain user interaction.
The chart structure of this altcoin suggests a potential breakout, which could reach a new yearly high if momentum continues to be maintained.
In the past 24 hours, bullish momentum has gradually built up. Binance Coin [BNB] increased by 1.36%, bringing monthly profits close to double digits.
Based on market data and on-chain activities, TinTucBitcoin has identified a clear path leading to potential bullishness for BNB.
Network growth puts BNB in a favorable position.
The attention has turned to BNB Smart Chain, where activity has surged in recent days.
Over the past day, net value utilization has risen by 24%, a significant jump indicating continued use of BNB protocols.
This is the second-highest increase this year, following a 25% increase recorded in February.
Source: BscScan
TinTucBitcoin has linked the increase in BNB utilization with the rise in active addresses on the BSC network.
Since May 2, active BSC addresses have nearly doubled, from 1.15 million to 2.056 million. This increase indicates stable adoption, reinforcing expectations that BNB usage will remain high.
Additionally, the number of Unique Wallet Addresses, representing new users, has reached 552.26 million, with 978,384 being added daily.
Although this reflects an increase in awareness, it does not guarantee that these new addresses have completed transactions on the blockchain.
However, they are likely to participate in trading and buy BNB for use.
A 23% price increase may be near.
On the daily chart, BNB has formed an inverse head and shoulders pattern. This pattern typically signals the beginning of a bullish phase when a breakout occurs.
Source: TradingView
From the current price of the coin, a rally could push it to around $749, marking a 23.03% increase. Moving to $749 would represent the asset's highest price this year.
The current acceptance trend and market uptick may provide the necessary momentum to push the asset higher.
A significant obstacle is present.
However, there is one noteworthy point.
Spot traders seem to be offloading their assets. In the past day, $8.42 million BNB has been transferred to exchanges and sold.
Source: CoinGlass
This activity may reflect profit-taking.
However, if selling continues beyond today, it could imply that BNB investors lack confidence in the asset's potential, which may suppress its price.
Source: https://tintucbitcoin.com/bnb-huong-toi-749-usd-kha-nang-tang-23-co-that/
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