The cryptocurrency markets saw a relatively quiet weekend with minimal price movements, although the increase in Bitcoin’s price brought some optimism to investors. However, one standout performer during this time was BinanceCoin (BNB), which recorded significant gains compared to other top 10 cryptocurrencies. Over the past seven days, BNB has surged by more than 11%, with a nearly 5% increase in the last 24 hours. Trading at over $630 and experiencing a notable surge of over 25% in trading volume, BNB is poised to be the top performer among large-cap cryptos in the coming days.
BinanceSmart Chain (BSC) has also been making waves, surpassing Solana in Total Value Locked (TVL). In recent months, Solana had seen a surge in trading activity, overtaking popular chains like Ethereum in transaction volume and count. However, BSC has now taken the lead in DEX volume, positioning itself as the top chain in terms of TVL.
Several factors have contributed to the rapid rise of BSC, including an investment from Abu Dhabi-based MGX into Binance. Additionally, the sudden popularity of BSC-based tokens like Mubarak and Mashalla has boosted the platform’s DEX volume. While Solana experienced a similar rise in the past, it was short-lived due to a couple of memecoin rug pulls. With the rise of memecoin volume on BSC, there is a possibility of a similar event occurring in the future.
As for the impact on the BNB price, the token is known for its steady growth and resilience. Currently trading above $630 after bouncing back from lows near $500, BNB is expected to break out of a bearish pattern and reach new highs. Technical analysis shows that the price has broken down from a bullish pattern but remains within a descending parallel channel. The 50-day and 200-day Moving Averages (MAs) have recently undergone a bearish crossover, but this is likely to reverse soon. With the RSI showing incremental growth, bullish momentum is expected to continue for BinanceCoin in the coming week.
Overall, the outlook for BNB and BSC remains positive, with both showing strong potential for further growth and development in the cryptocurrency space. Investors and traders are keeping a close eye on these assets as they continue to demonstrate their resilience and performance in the market.