After establishing a local peak at $673, Binance Coin (BNB) reversed and declined due to escalating geopolitical tensions in the Middle East, retreating to the bottom area of $639.
However, in the past 24 hours, this altcoin has shown strong resilience by maintaining the support level of $640 and quickly recovering.
This is not a bot action – but an explosion from real demand
According to analysis from Bitcoin Magazine, BNB's recent recovery is not random or the result of bot activity. The latest on-chain data from Artemis shows that the number of Non-Sybil users – that is, real users, not virtual accounts or bots – has reached a record high of 1.7 million.
Notably, this figure has excluded 'airdrop hunters' and automated activities, indicating that the influx of participants into the BNB ecosystem is entirely natural and authentic. This reflects a trend of sustainable growth, as more and more real users are actively interacting with the BNB Chain network.
This increase not only reflects real demand for BNB but also affirms the growing importance of this coin in the blockchain ecosystem. Utility, interest levels, and network strength are all being reinforced positively.
In the context of a significant increase in real users, the number of active addresses on the BNB network has exploded, reaching a monthly high of over 2 million addresses. Notably, the number of new wallets has also recorded an impressive jump, reaching 595,700 wallets – the highest in the month.
This strong growth not only reflects the rapid expansion of the BNB ecosystem but also indicates an increasing demand for the network. Historically, whenever there is a surge in users, demand tends to rise, laying a solid foundation for potential price increases.
The derivatives market is 'tilting towards the bulls'
In the context of a continuously increasing number of users, a wave of optimism is spreading within the investor community – especially among institutional investors and whales.
Currently, most newcomers to the market carry a positive mindset and belong to financially strong groups. Clear evidence is that the CVD (Cumulative Volume Delta) index in the BNB futures market has remained heavily tilted towards buyers over the past 90 days, indicating that most taker orders are betting on a bullish trend.
Notably, the average order size index in the derivatives market has also recorded the return of large transactions from whales. In recent charts, green dots – representing large orders – have appeared more densely, confirming that the 'big players' have started to re-enter the game.
Notably, 73% of all positions in the futures market are currently long orders, reflecting a strong belief that the bullish trend will continue.
All these signals together paint a promising picture, where optimistic sentiment and expectations for the next upward move dominate the market.
With a strong wave of new users and spreading optimistic sentiment within the investor community, BNB stands before a great opportunity to continue breaking out.
Previously, on May 6, when the number of users surged to similar levels, BNB broke out of the extended accumulation zone and reached an impressive high of $692.
If the current positive trend is maintained, this altcoin is likely to complete the reversal pattern and aim for the next target at the $674 mark.
However, if the inflow of capital and interest from new users is not strong enough to sustain the upward momentum, BNB may face a correction and return to test the important support area at $639.
