BNB, the native token of the BNB Chain, experienced a notable surge, rising over 4% in a recent 24-hour period to exceed the $1,200 threshold, reaching an intraday peak of $1,223. This gain is attributed to a combination of heightened trading volumes, growing institutional interest, and increased engagement on the blockchain.
Recent data indicates that the BNB Chain has reclaimed its position as the leading blockchain in terms of active addresses, surpassing competitors such as Solana for the first time since August. In September, the chain registered approximately 52.5 million active addresses, according to figures from TokenTerminal.
A significant contributor to this surge in activity has been the Aster Protocol, which has seen a remarkable increase in decentralized trading and lending. According to reports from DeFiLlama, the total value locked in Aster Protocol soared by 570%, reaching an impressive $2.34 billion.
Retail interest has also intensified, with stories circulating about one prominent memecoin trader who transformed a $3,000 wager into nearly $2 million, spurred on by a tweet from Binance CEO Changpeng Zhao that ignited speculative fervor.
Adding to the bullish sentiment, the crypto market has been pricing in expectations that the Federal Reserve may lower interest rates by 25 basis points later this month. Additionally, the BNB Chain recently implemented an upgrade that reduced its minimum gas fees to 0.05 Gwei, which could enhance user experience and encourage further activity.
On the trading front, BNB displayed volatility within a broad range, fluctuating between a low of $1,148.12 and hitting the noted high of $1,223.08 as recorded by CoinDesk Research’s technical analysis. The token closed the session at $1,201.13, marking a 2.27% increase within the 24-hour timeframe.
The price action witnessed a significant uptick following a spike in trading volume, with some bursts of activity reaching nearly five times the daily average. This surge coincided with the intraday high, creating a notable resistance level around $1,223. Meanwhile, support was established in the range of $1,148 to $1,158, where buying pressure remained robust throughout the session.
Despite the upside, a sharp reversal was observed late in the session, with BNB testing the $1,215 threshold before retreating back to $1,201. This pullback, accompanied by elevated volume, suggests that profit-taking occurred rather than panic selling, indicating that larger holders may have been capitalizing on resistance levels approaching recent highs.
Despite this retracement, BNB managed to maintain most of its gains, closing above the $1,200 mark and keeping the rally intact. Overall, the trend appears to be upwards, with price movements reflecting steady accumulation by investors willing to absorb volatility.
As BNB continues to gain traction among both individual and institutional investors, the combination of rising network activity and favorable market conditions may pave the way for further price appreciation in the coming weeks.
