1. Strengthening Ecosystem Activity
From 0-1, last week BNB Chain recorded a record of around 123.29 million on-chain transactions, the highest in a year, driven by increased on-chain usage and anticipation of the Maxwell fork.
The number of active addresses has increased by about 26% in the last 24 hours. Fee volume usage has also surged by about 20%. This indicates the presence of new users.
2. Maxwell Upgrade & Bullish Prospects
The upcoming Maxwell Fork is projected to enhance finality and efficiency and is predicted to double the activity of the BNB Chain network, triggering potential price breakout.
However, prices are still estimated based on technical analysis, with the short term showing a bullish medium-term trend. Strong support in the $640–$650 range and short-term resistance at $687–$690.
3. Accumulation Vs Correction
Cumulative metrics with on-chain data show supportive sentiment, spot traders are still taking profits. Some analyses recommend entry points at correction prices of $630-$640.
The derivatives market continues to lean with long positions visible in open interest and the funding rate remaining positive.
4. Cautious Yet Mixed Sentiment
Labanah (trader) indicates moderate bullish sentiment: the BNB fear and greed index as of December 1 is around 61, indicating neutral to greed.
The Trembago group confidently believes a breakout to $700+ is still realistic. However, for now, the potential rise is pressured by Bitcoin's crossover for this second round if the $640-650 support fails.
5. Short & Medium Term Targets
Some analysts predict a potential rise to $725-760 in June if the bullish trend continues.
A conservative forecast states that BNB will hold an average of $676 for June with a lowest risk at $610 and a peak around $735.
🔑 Recommended Strategies
Scenario Recommendations
A: Support at $640-$650 holds. Entering the accumulation phase.
B: Breakout above $690-$700. Additional bullish momentum.
C: Declining support at $630. Watch for short-term corrections and consider conservative strategies.
✅ Brief Notes
BNB bullish continues to show signs especially due to increased network activity, technical upgrades (Maxwell fork), on-chain accumulation, and strong price structure. Caution is needed on the correction side if support does not hold, and continuous monitoring of Bitcoin's movements and sentiment is crucial given BNB's sensitivity to its correlation.