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Is BNB ready for a bullish breakout? 2 reasons why price shows strength
Binance Chain’s usage is soaring, but the price action remains confined beneath key resistance. Despite this, there are two compelling factors that indicate the price is displaying resilience.
Firstly, the massive surge in daily active addresses and transactions on the BNB Chain has been nothing short of astonishing. In a span of just over a month, daily transactions have risen from 6 million to an impressive 15 million, while active addresses have neared the 2 million mark. This exponential growth is a testament to the network’s rapidly growing utility and user engagement.
In addition, derivatives data reveals a surge in trader participation, with volume climbing by 63.83% to $630.92 million and Options volume skyrocketing by an astonishing 102.71% to $2.37 million. Furthermore, Open Interest on Futures rose marginally by 0.67%, indicating fresh positions are being formed at a slower pace than in the options market.
While these factors suggest growing interest and participation from traders, it’s crucial to note that waning conviction among long dominators could hinder BNB’s ability to break out above $700.
Source: ambcrypto.com
