The recent surge in Ethereum (ETH) price above $2.6k has had a significant impact on the bullish recovery of Binance (BNB) coin. Within the past 24 hours, BNB price has seen a gain of over 2 percent, reaching around $687 during the late North American trading session. This increase has helped BNB regain a market cap of over $100 billion, with a 24-hour average trading volume of approximately $1 billion. The rise in crypto FOMO has played a crucial role in boosting BNB price and reinstating bullish sentiment, especially as the altseason gains momentum.
One of the key factors contributing to the rise of BNB is the adoption of the BNB chain by mainstream users. The success of decentralized financial products on the BNB chain, such as PancakeSwap (CAKE), has attracted a growing number of users. Pancakeswap has seen a surge in daily volume due to the mainstream adoption of tokens and memecoins within its ecosystem.
According to data from Defillama, the BNB chain on the BSC network has a total value locked of around $6.5 billion and a stablecoins market cap of approximately $10.1 billion. The BSC chain has also recorded a daily average of about 2 million active users, indicating a strong user base.
In terms of short-term targets, BNB price has been following the price action of Bitcoin (BTC) over the past few months. The price of BNB has been consolidating in a symmetrical ascending triangular pattern for the past three weeks, with a key resistance level at $687. This suggests that the bulls have been gaining momentum over the sellers.
With Bitcoin price potentially on the brink of a major rally fueled by institutional demand, BNB price is well positioned to surpass the $687 mark. The four-hour MACD line remains above the zero line with bullish histograms, indicating a positive trend. Additionally, the four-hour Relative Strength Index (RSI) is approaching the 70 percent level, signaling a potential rally above $790 in the near future.
Overall, the favorable fundamentals of the BNB chain, coupled with the broader market dynamics, suggest a positive outlook for BNB price in the coming days. Investors and traders alike will be closely monitoring these developments as the altseason continues to unfold.