The altcoin market, with Ethereum (ETH) and Binance Coin (BNB) leading the way, has been making steady progress against Bitcoin (BTC) recently. Bitcoin dominance in the weekly timeframe has hit a major resistance level of approximately 65 percent, indicating a potential reversal that could kick off the 2025 altseason.
On-chain data reveals that decentralized finance (DeFi) projects, particularly decentralized exchanges like PancakeSwap (CAKE), have seen a significant rise in daily trading volume in recent times.
Binance Coin (BNB) has been reaping the benefits of strong fundamentals as the native token of the Binance ecosystem. With positive developments on the Binance Smart Chain (BSC) and the exchange itself, BNB has seen a notable uptick. The recent resolution of the long-standing case between the United States Securities and Exchange Commission and Binance and its top executives has further boosted BNB’s prospects. Additionally, BNB serves as a key source of liquidity for numerous tokens built on the BSC chain.
Looking ahead, BNB’s price has been consolidating within a range of $512 to $723 since March 2024 on the weekly chart. However, the shorter timeframes indicate a buildup of bullish momentum. In the daily timeframe, BNB has formed a bullish flag pattern following a strong breakout from the crypto correction earlier in the year. If the price manages to consistently close above $691 in the coming days, a rally towards $790 seems likely. On the other hand, a close below the support level around $648 could signal further bearish sentiment, with a key target at $635.
With these developments in play, BNB investors and traders are closely watching for potential price movements and market trends to capitalize on the opportunities presented by the current market conditions. Stay tuned for more updates on BNB and the broader cryptocurrency market as the altseason unfolds.