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Binance Coin Price Stalls Despite Massive Usage Surge — Is Momentum Fading?
Binance Coin (BNB) Hits 15M Daily Transactions – Binance Chain (BNB) has seen an explosive rise in on-chain activity, with daily transactions jumping from 6 million to over 15 million since early May — a surge of more than 150%. Active addresses also neared the 2 million mark, signaling increased utility and engagement across the network.
Despite this bullish fundamental backdrop, BNB was trading at $654.03 at press time, reflecting slight intraday weakness of 0.09%. The spike in usage, however, hints at underlying demand strength that could support future upside momentum.
BNB Trader Sentiment Turns Cautious
On Binance, the Long/Short Ratio stood at 1.70, with 63.02% of traders holding long positions. While bulls currently dominate, fluctuations in the ratio show reduced conviction, as some participants take profits or adopt a wait-and-see approach.
The decline in long dominance may limit near-term breakout potential, as uncertainty among retail and leveraged traders grows. This could expose BNB’s price to sharper short-term swings in either direction.
Options Volume Doubles, Signaling Speculative Spike
In derivatives markets, trader participation surged, with total volume rising 63.83% to $630.92 million. Most notably, Options volume skyrocketed 102.71% to $2.37 million, while Open Interest jumped 47.29%, suggesting increased speculative or hedging activity.
By contrast, Futures Open Interest rose only 0.67%, indicating a more cautious buildup of new positions. This divergence may suggest that traders are optimistic but hesitant to commit fully to long-term directional bets.
BNB Eyes $700 Resistance Amid Mixed Signals
BNB continues to trade above an ascending trendline, with strong buyer defense at the $625 support level. The next major barrier lies at $700, a key psychological and technical resistance.
The Stochastic RSI at 41.51 indicates neutral momentum. Without a decisive catalyst, BNB may remain range-bound between $625 and $700. A breakout above $700 could revive the uptrend, while a rejection may trigger a retest of lower support.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
