Despite a decrease of 4.53% in the last 24 hours, Binance Coin (BNB) seems poised to revive its bullish trend. Notably, there has been a shift towards optimism among leading traders and spot investors.
Recent on-chain market activities hint at a possible upsurge in BNB prices in the upcoming sessions, owing to its increasingly positive outlook.
Anticipated Spike in BNB Adoption
There has been a noticeable increase in the number of unique addresses on the BNB Chain over the past day, hitting a record high of 500 million addresses.
This milestone signifies a growing adoption rate, potentially benefiting BNB, its native token, as heightened transactions and utilization could coincide with a market upswing.
While a price rally is plausible, a surge may not materialize if the overall market sentiment, currently bearish, persists.
Market Sentiment and On-Chain Examination
Crypto analysts evaluated market sentiment to forecast potential price changes for BNB in the upcoming trading periods.
Spot traders have been actively acquiring BNB in recent weeks. From January 27th till now, BNB purchases have totaled $117.84 million.
This was determined through Coinglass exchange netflow data, which has shown a negative trend.
A negative netflow indicates increased buying interest, as traders transfer their assets from exchanges to personal wallets instead of keeping them on exchanges for potential sales.
The derivative market also reflects bullish sentiment. Binance’s top derivative traders are currently the most positive, with a long-to-short ratio of 2.369.
This signals more buyers than sellers, with values above 1 indicating heightened buying activity.
BNB Price Trend Analysis
BNB’s price movement is aligning with the optimistic sentiment on the charts, reclaiming a recently breached support level.
Currently hovering around the $605.90 support mark, it could act as a catalyst for a substantial upward move, breaking through the highlighted blue liquidity and aiming for $793.86.
Further supporting the positive outlook is the Parabolic SAR indicator, which identifies potential price trends and reversals through dots. When these dots form under the price line, an upward trend is predicted.
With the Parabolic SAR dots positioned below BNB’s current price, it suggests bullish momentum and a likely price surge in the upcoming trades, heightening the chances of a market rally.