According to Cointelegraph: The native token of the BNB Chain, BNB, has demonstrated signs of recovery upon increasing network activity and the launch of a new Binance incentive program. Following a 3% rise on January 26, BNB regained the $300 level. While the recovery trail is still not strong, it is supported by increased network dynamics and a surge in Decentralised Application (DApp) interaction.
Much of BNB’s valuation is tied to Binance’s specific launchpad offers, services, and reduced trading fees. A recent “dual investment” product from Binance could add further volume to BNB, which has already crossed an impressive $998 million in the past 24 hours.
Ethereum continues to dominate DApp volumes, raking in over $31.73 billion in the past week, including a substantial $226 million in non-fungible token (NFT) volume. Meanwhile, the BNB Chain secured $3.82 billion in DApp volumes, even though its NFT volume surged by 11% in the same period, hitting $864.93 million.
BNB Chain leads significantly from the perspective of active unique addresses (UAW), boasting approximately 2 million UAWs compared to Ethereum’s 359,380. BNB Chain’s 6.4% growth in DApp-engaging addresses and transaction volume growth over the past week is potentially indicative of an increased total value locked (TVL).
Unfazed by minor hiccups, BNB Chain’s TVL portrayed steady growth since mid-December 2023, indicating an increase in user trust.
Currently, BNB showcases a bull flag on its daily chart, hinting at an uptrend continuation. If BNB's price breaks above the flag's upper boundary ($316), it could petrol a surge towards $450, marking a 48% increase. All major indicators seem favorable, including the 50-day, 100-day, and 200-day EMAs, and the relative strength index (RSI), supporting the potential upward trend. However, if the bears take control, support levels could come into play at the flag's lower boundary ($282), the 100-day EMA ($271), and a major support level ($250).
