$BNB 【The Fluctuation and Adjustment of BNB: Coexisting Ecological Expansion and Regulatory Pressure】Recently, BNB has been fluctuating around $400, performing weaker than the market, reflecting the market's competition among multiple factors. On one hand, the Binance ecosystem continues to expand, with the first phase of the Megadrop project, Lista tokens, performing impressively, and the number of active addresses on the BNB chain has reached a historic high, while the staking yield advantage still exists; on the other hand, the lawsuit by the U.S. SEC classifying BNB as a security remains unresolved, compounded by Binance facing compliance reviews in multiple countries, which suppresses short-term bullish sentiment. Technically, BNB has formed a triangular consolidation pattern. If it breaks through the resistance level of $420, it may initiate a new round of market movement, but caution is needed for potential pullback risks triggered by regulatory black swans. In the long term, the value of BNB still depends on the collaborative development of the Binance exchange and the BNB chain ecosystem.