BNB price nears breakout as it beats top rivals on key metrics

By: bitcoin ethereum news|2025/05/14 07:45:04

The Binance Coin is on the cusp of a major bullish breakout after forming a giant cup and handle pattern and continuing to outperform top competitors on key network metrics. Binance Coin (BNB) climbed to a high of $690 on Monday, its highest level since February 10. The move represents a nearly 40% gain from its lowest point this year. Third-party data shows that protocols on the BSC Chain rose by 170% in the last seven days to over $16.7 billion. In contrast, Ethereum (ETH) protocols processed over $16.7 billion in the same period. Those on Arbitrum, Base, and Sui jumped to $6.65 billion, $8 billion, and $3.9 billion, respectively. Meanwhile, Nansen data highlights a surge in network usage. The number of active addresses jumped by 46% to 7.67 million, transactions surged by 62% to 51.9 million, and weekly fees rose by 46% to $4.5 million. Solana’s transactions rose by 4.6%, while Tron (TRX), Near Protocol (NEAR), and Aptos (APT) jumped by less than 10%. These numbers mean that BNB Chain was the fastest-growing chain in the crypto industry. More data shows that investors continued adding BNB tokens into their staking pools. There was a net increase of 126K BNB staked on BNB Chain worth $83 million in the last 30 days, bringing the total staking market cap to over $20 billion. BNB price technical analysis The weekly chart shows that BNB has been trading inside an ascending channel for several months and continues to hold above the 100-week Exponential Moving Average, a bullish sign indicating sustained upward momentum. Crucially, BNB has been forming a cup-and-handle pattern, a widely followed continuation setup. The pattern’s upper resistance line is at $652, and the depth of the cup is estimated at 72%. According to technical convention, the price target in a C&H setup is calculated by projecting the depth of the cup above its upper boundary. If this formation plays out, BNB could rally toward $1,121, a level that marks the next major upside target for bulls. Source: https://crypto.news/bnb-price-nears-breakout-as-it-beats-top-rivals-on-key-metrics/

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