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Binance Flips Solana on DApp Volumes Front – What’s Next for BNB’s Price?
A recent report from TokenTerminal reveals that the number of daily active addresses on BNB Chain has surged by 42% in the last 30 days to $52 billion, surpassing Solana’s dApp volumes. This significant growth in activity could have a profound impact on the price of Binance Coin (BNB).
The data suggests that the rising network activity is not just a flash in the pan, as it has been consistently increasing over the past month. With this increased demand for BNB, it’s likely that investor confidence will rise alongside, potentially leading to further price appreciation.
Moreover, the news of an upcoming upgrade on the BNB Chain, hinted at by former CEO Changpeng Zhao in a recent post, could provide another catalyst for growth. Such upgrades are designed to boost network scalability and usage, which would further increase demand for the token.
In addition to this positive sentiment, technical analysis also supports a potential price surge for Binance Coin. On its daily chart, the altcoin has flipped resistance at the 200-day Exponential Moving Average (EMA) of $622, indicating a long-term bullish trend is now in play.
While there may be some short-term volatility due to the token’s recent gains and mixed market sentiment, as depicted by the Long/Short Ratio, this fundamental shift could lead to sustained growth for BNB.
Source: ambcrypto.com
