On February 10th, Monday, the crypto market showed a slight uptick with Bitcoin price rebounded from $95,000. The upswing having stalled correction in several altcoins, the Binance coin price shows potential for higher recovery as it gains momentum with the surge in active addresses on the BNB Chain. Will BNB price hit $700 in February?
Key Highlights:
- A rising wedge pattern governs the current uptrend in the Binance coin.
- BNB Chain has become the most active blockchain in terms of daily addresses, surpassing Solana,.
- The 50-and-100-day exponential moving average nearing a bearish crossover could obstruct the BNB price breakout from $622 resistance.
BNB Chain Surpasses Solana to Lead in Daily Active Addresses
According to data from Token Terminal. BNB Chain has overtaken Solana to become the most active blockchain by daily addresses The surge in activity marks a notable shift in user engagement across major blockchain networks.
The latest figures indicate that BNB Chain now leads all blockchain platforms in terms of daily active users, reflecting its growing adoption and sustained network activity. This increase directly impacts the demand pressure on its native cryptocurrency, Binance coin, projecting the potential of a sustained uptrend.
BNB Price Nearing Key Resistance Breakout For $700 Rally
Contrary to broader market uncertainty, the BNB price recently bounced from $557 to $610— a 9.5% weekly gain. This upswing stands crucial for the Binance coin as it shows the price sustainability above the bottom trendline of the rising wedge pattern.
The chart pattern is characterized by two converging trendlines, which restrict the price movement until the next breakout. Since December 2023, the altcoin price has walked a steady uptrend, with buyers recuperating the bullish momentum at the support trendline.
The resulting bounce bolsters buyers to challenge overhead resistance at $622, followed by a downsloping trendline (red line).
The daily EMAs (20, 50, 100, and 200) consolidation within the aforementioned creates a high resistance zone for the BNB price. ‘=
Thus, a potential breakout from the resistance trendline is crucial for buyers to reclaim the $700 level.
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