BNB Price Gains Momentum as Binance Smart Chain Overtakes Solana in DEX Volume

BNB Price Gains Momentum as Binance Smart Chain Overtakes Solana in DEX Volume

The cryptocurrency market remained relatively quiet over the weekend, with no significant price swings. However, Bitcoin’s recent uptick has sparked renewed optimism among investors. Meanwhile, BinanceCoin (BNB) has emerged as a standout performer, recording notable gains compared to other top 10 cryptocurrencies. Over the past seven days, BNB has surged by more than 11%, with an additional 5% increase in the last 24 hours. The token’s price has now surpassed $630, accompanied by a remarkable 25% rise in trading volume. This upward momentum positions BNB as one of the strongest contenders among large-cap cryptocurrencies in the near term.

Binance Smart Chain (BSC) Surpasses Solana in DEX Volume

Binance Smart Chain (BSC) has been making waves in the DeFi space, surpassing Solana in decentralized exchange (DEX) trading volume. While Solana previously led the market with heightened trading activity and a surge in total value locked (TVL), BSC has now overtaken it.

One of the key factors driving this surge is an investment from Abu Dhabi-based MGX into Binance, which has contributed to increased liquidity and activity on the network. Additionally, the rapid rise of BSC-based tokens like Mubarak and Mashalla has fueled trading volumes. This pattern is reminiscent of Solana’s previous growth phase, which was eventually dampened by memecoin-related rug pulls. If history repeats itself, the current memecoin-driven surge on BSC could face similar risks.

How Will This Affect BNB’s Price?

BinanceCoin is known for its steady yet powerful uptrend, often making significant moves without excessive volatility. After bouncing back from lows near $500, BNB has now climbed past $630. This recovery suggests that the token is on the verge of breaking free from a bearish pattern, potentially paving the way for new highs.

Technical indicators support this bullish outlook. Despite a recent breakdown from a bullish formation, BNB remains within a descending parallel channel. Moreover, the 50-day and 200-day moving averages (MAs) recently formed a bearish crossover, which now appears to be reversing. If this reversal is confirmed, BNB could break through the channel’s resistance and re-enter the long-term rising trend it has maintained since August 2024.

Furthermore, the Relative Strength Index (RSI) is trending upwards, signaling growing bullish momentum. If this trend continues, BinanceCoin (BNB) could see further gains in the coming days, potentially outperforming its large-cap counterparts once again.