🚀 The BNB chain has suddenly exploded in popularity! Did you notice?

Since early May, user activity on the Binance chain has surged! Daily trading volume skyrocketed from 6 million to over 15 million, an increase of over 150%!
Active addresses are about to break 2 million, user activity is really intense 💥

This wave of trading volume growth exceeds 150%, indicating that not only the coin price, but also the overall network usability and user enthusiasm are on the rise. 📊

💰 Current price of BNB: $653.4, although it slightly dropped by 0.09% today, the on-chain heat continues to soar 🔥

Don't be fooled by the price not rising much; the trading volume is soaring, indicating that everyone is using and trading, which itself is a strong fundamental performance 💪

🧠 Traders are a bit "conflicted"


Currently on Binance, the long/short ratio for BNB is 1.70, which means most people are still bullish (63.02% of positions are long).

However, this ratio has been fluctuating recently, what does that indicate? It means traders are starting to hesitate—
"Should I take profits first?"
"Or should I bet it can break $700?"
Confidence is starting to waver a bit 🤔

📉 Options have suddenly exploded in popularity!


The derivatives market for BNB has also exploded recently 💣:

  • Total trading volume skyrocketed by 63.83%, reaching $630 million

  • Among them, options trading alone surged by 102.71%

  • Open interest for options also increased by 47.29%

This indicates that:
Many people are starting to use options to hedge risks or directly speculate on the market. However, the increase in futures is relatively small (+0.67%), possibly because people prefer short-term operations rather than opening new long positions.

In other words, the market is heating up, but it might be short-term capital driving it 🤷

🚧 $700: Breakthrough or roadblock?


Currently, BNB is firmly positioned on an upward trend line, with short-term support at $625 and key resistance at $700.

The random RSI is near the midpoint (41.51), momentum is relatively neutral, and the market now needs a "strong catalyst" (like significant positive news) to give it a push 📢

  • If it can break $700, it's likely to continue rising 🚀

  • If it fails to break through, it might have to retrace to $625 😓

🔍 To summarize:


BNB's network heat is off the charts 🔥, trading and derivatives are very active. Although bulls dominate, traders are becoming cautious. If the market has new positive news, $700 might not be a problem. If there is no strong push, this position might be stuck for a while.

So next, it depends on whether news and capital can provide another boost 💥

📌 What do you think of BNB? Will it break $700 or experience high-level fluctuations? Feel free to discuss in the comments below 👇

DYOR, manage your risks well, and may everyone set sail in the crypto world! 🌊

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