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BNB set for a bullish breakout? Market sentiment starts to shift
The number of BNB addresses has now reached a new all-time high, and spot and derivative traders are aligned with the potential rally in the 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 has started to turn bullish. Recent on-chain market activity suggests a probable BNB price boom in the coming sessions due to its decidedly bullish outlook.
Growing adoption could spark a rally
There has been a notable rise in the number of unique addresses on the BNB Chain over the past 24 hours, reaching a new 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 the broader market sentiment remains bearish, as it currently is.
Market sentiment shifts towards positivity
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, with $117.84 million worth of BNB purchases made between January 27th and press time.
The Coinglass exchange netflow data has turned negative, suggesting increased buying activity as traders move their holdings from exchanges to private wallets rather than holding on exchanges for sell-offs.
Top derivative traders also shared a similar bullish sentiment, with the long-to-short ratio – measuring the number of buyers versus sellers – reading 2.369. This indicates more buyers than sellers, signaling increased buying pressure.
Price movement aligns with bullish sentiment
BNB’s price has begun to align with the bullish market sentiment on its charts and has started reclaiming a support level breached recently. At press time, it was trading near $605.90, which could serve as a catalyst for a significant upward move, clearing the upside liquidity marked in blue and targeting $793.86.
Additionally, the Parabolic SAR (Stop and Reverse) indicator, which uses dots to identify potential price trends and reversals, has formed below BNB’s press time price, indicating bullish momentum and a potential price surge in the upcoming trading sessions, further increasing the likelihood of a rally.
In conclusion, all signs suggest that BNB is poised for a major breakout, with sentiment among top traders and spot investors turning positive. As adoption grows and buying pressure increases, there may be no stopping this rally.
Source: ambcrypto.com
