$BNB

BNB is facing three key catalysts that could propel it to growth in Q1 of this year.

First, the network has continued to burn its tokens, which is expected to eventually reduce its circulating supply to 100 million from 144 million. According to BNB Burn, the network will soon finish burning 1.63 million tokens worth $1.01 billion. Then, another 1.5 million BNB coins worth $1.089 billion will be burned in Q1.

In addition, the network is burning more tokens every day due to gas fees.

Second, the Binance Smart Chain ecosystem is performing relatively well despite the increasing competition in the industry.

Third, Binance Coin has strong technical characteristics that could push it much higher in the long run. The weekly chart in early January showed that BNB price was slowly forming a cup and handle pattern, which is a popular continuation sign.

The cup section formed from 2021 to June 2024, while the handle area formed from June to November. The depth of the cup was found to be around 74%. Measuring the same distance from the top of the cup, the target price for BNB is $1,155, which is around 63% above current levels.