BNB Chain’s $96 billion token surged to $668 on May 22, surpassing Solana as transactions spiked 600% and fees dropped to $0.11—now, bulls are whispering about a $800 breakout.
The surge highlights how rock-bottom prices and renewed DeFi hype are driving liquidity to BNB Chain even as the broader market keeps its eyes on Bitcoin. The growth could be due to increased DeFi activity, stablecoin growth, and market speculation, although no single driver has been confirmed.
BNB Chain Activity Increases as CZ's Post Captures Market Attention
Since Changpeng Zhao stepped down from Binance at the end of 2024 under a legal agreement, his social media activity has sometimes coincided with increased attention for BNB Chain.
Although CZ no longer holds an official position at Binance, some market participants have interpreted his posts as having an impact on trading activity.
One such instance occurred in February when CZ shared a post mentioning his dog’s name as “Broccoli.” Soon after, multiple memecoins with this name were launched on BNB Chain, including one called “CZ’s Dog (BROCCOLI),” which briefly reached a market cap of $300 million.
Since then, liquidity on BNB Chain has increased, with daily transactions reaching a six-month high of $11.03 million. The chain's market capitalization has also surpassed $10 billion, just a billion dollars behind Solana and larger than Base, Arbitrum, Sui, and Aptos combined.
Data from DeFiLlama also shows that BNB Chain is currently the most dominant chain in DEX activity, with an average DEX volume of $7 billion per day.
Trump-Linked Stablecoin USD1 Fuels BNB Chain's Growth
One of the protocols leading the development of the BNB chain is $USD1, a token deployed by Trump-affiliated company World Liberty Financial (WLFI), which chose the BNB chain as its launchpad.
Additionally, the sharp drop in gas fees has supported the increase in the number of transactions and active wallet addresses on the BNB chain. On May 8, the BNB chain transaction fee dropped to 0.11 Gwei, which is lower than the $0.11 it costs to make any transaction on the blockchain.
100x cheaper than Ethereum's gas fees. Currently, on most centralized cryptocurrency exchanges, the BNB chain is the preferred network for stablecoin transfers, as most exchanges do not charge network transfer fees.
These factors have prompted one crypto chart expert to assert that while $BNB is unlikely to get the attention it deserves, its price will surge past $800.
According to him, $BNB has been in a four-year consolidation and will not be rewarded with a three-month bull market. He believes that the current rally will last a little longer.
Binance Coin Price Prediction: Can $BNB Break $740 or Retrace?
Looking at the daily chart of $BNB/$USD, the price is at $673.4, up 1.81% and has broken above the important resistance level at $686.
The chart shows that $BNB has completed a corrective pattern from the $720 low to the $520 low and now appears to be in a recovery phase.
The orange Elliott Wave labels show that this bullish move could target the $740 area. Important levels to watch are the major resistance zone at $720-740 (red box) above and the support levels at $686 (currently broken resistance) and $561 (blue box) below.
A breakout above $686 on decent volume shows real buying momentum, but the real test will be whether BNB can break above the $720-$740 resistance zone. Failure there could lead to consolidation, while a breakout above could accelerate the uptrend.