news 
BNB Set for Bullish Breakout? Market Sentiment Starts to Shift
The positive sentiment surrounding Binance Coin (BNB) could yield substantial returns for the asset.
The number of BNB addresses has now reached an all-time high. Spot and derivative traders are aligned with the potential rally in upcoming trading sessions.
Despite a 4.53% decline over the past 24 hours, Binance Coin [BNB] appears likely to resume its bullish momentum.
Notably, sentiment among top traders and spot investors started to turn bullish. Recent on-chain market activity suggests a probable BNB price boom in coming sessions due to its decidedly bullish outlook.
BNB adoption could spike soon
There has been a significant rise in the number of unique addresses on the BNB Chain over the past 24 hours, reaching an all-time high of 500 million addresses. This milestone indicates growing adoption, which could positively impact BNB as increased transactions and usage would likely coincide with a market rally.
However, while a rally is possible, a price surge may not materialize if broader market sentiment remains bearish as it currently is.
Market sentiment and on-chain analysis
AMBCrypto analyzed market sentiment to determine possible price movements for BNB in the upcoming trading sessions. Spot traders have been on a buying spree for BNB over recent weeks.
Between January 27th to press time, $117.84 million worth of BNB has been purchased. This was determined through Coinglass exchange netflow data which turned negative. A negative netflow suggests increased buying activity as traders move their holdings from exchanges to private wallets rather than holding on exchanges for sell-offs.
The derivative market also shared the same bullish sentiment.
Binance top derivative traders are currently the most optimistic, with a long-to-short ratio measuring the number of buyers versus sellers reading 2.369. This indicates more buyers than sellers as higher values above one signal increased buying activity.
BNB price movement on the chart
BNB’s price has begun to align with bullish sentiment on the charts and started reclaiming a support level breached recently.
At press time, it was trading near $605.90 support, which could serve as a catalyst for a significant upward move clearing the upside liquidity marked in blue and targeting $793.86.
The Parabolic SAR (Stop and Reverse) indicator also uses dots to identify potential price trends and reversals when the dots form below the price, it signals an upward trend.
The Parabolic SAR has formed below BNB’s press time price, indicating bullish momentum and a potential price surge in upcoming trading sessions, further increasing the likelihood of a rally.
Source: ambcrypto.com
