- The growth of the BNB network reached its highest second level in 2024, reporting a stronger user engagement.
- The structure of the Altcoin graphus suggests an escape, possibly by fixing a new annual summit if the momentum holds.
In the past 24 hours, the bullish momentum seemed to be built regularly. Binance Coin (BNB) increased by 1.36%, which increased its monthly return to both figures.
Using market data and chain activities, Ambcrypto has identified a clear path to a potential rally for BNB.
The growth of the network puts BNB in a good place
The spotlights have come across the BNB smart chain, where activity has increased sharply in recent days.
During the last day, the use of net value reached an impressive 24%, a major ascent that suggests continuous use of BNB protocols.
This marks the second highest increase this year, after an increase of 25% recorded in February.
Source: BSCCAN
Ambcrypto has linked the growth in the use of BNB to the increase in active addresses on the BSC network.
Since May 2, active BSC addresses have almost doubled, from 1.15 million to 2.056 million. This wave suggests regular adoption, reinforcing the expectations that the use of the BNB will remain high.
In addition, unique wallet addresses, representing new users, reached 552.26 million, with 978,384 every day.
Although this reflects increasing awareness, this does not confirm that these new addresses have carried out transactions on the blockchain.
However, they have the potential to engage in transactions and acquire BNB to use.
A 23% increase could be close
On the daily graphic, BNB has formed an inverted head and shoulder pattern. This model generally signals the start of a price rally once a break occurs.
Source: tradingView
From the current price level of the room, a gathering could push it to around $ 749, marking a gain of 23.03%. A move to $ 749 would represent the highest price of the asset this year.
The current adoption trend and market accumulation could provide the necessary momentum to raise the assets.
But obstacle present
However, there is a catch.
Spot merchants seemed to unload their assets. During the last day, $ 8.42 million in BNB were transferred to the scholarships and sold.
Source: Coringlass
This activity probably reflects the benefit.
However, if the sale continues beyond today, it could imply that BNB holders lack confidence in the potential of the assets, which could remove its price.
