BNB Network Has Recorded a Significant Increase in Users

On-chain data shows the BNB network has recorded a significant increase in users, thus bolstering bullish sentiment for BNB.

The Binance (BNB) network has seen a significant increase in users, according to on-chain data. This is bolstering bullish sentiment for BNB.

Rising above the $700 psychological price point by the end of May could propel an

optimistic rally towards price discovery.

According to cryptocurrency data from Coingecko, BNB price increased by over 2 percent in the past 24 hours to reach around $687 late Tuesday during the North American trading session.

As a result, BNB recovered a market cap of over $100 billion, with a 24-hour average trading volume of approximately $1 billion. The remarkable surge in crypto FOMO played a role in helping BNB price regain bullish sentiment amid the highly anticipated altseason.

BNB Surges with Favorable Fundamentals

The rise and adoption of the BNB chain by mainstream users have heavily supported the success of its decentralized financial products. For instance, PancakeSwap (CAKE) continues to post record-high daily volumes following the notable mainstream adoption of the ecosystem’s tokens and memecoins.

According to market data from Defillama, the BSC network had a total value locked of about $6.5 billion and stablecoins market cap of around $10.1 billion. More importantly, the BSC chain recorded a daily average active users of about 2 million.

Short Term Price Targets

BNB price has largely followed Bitcoin (BTC) price action in the past two months. In the past three weeks, BNB price has consolidated in a symmetrical ascending triangular pattern, with a crucial resistance level at around $687.

As a result, it is safe to say that the BNB bulls have been outperforming the sellers.

With Bitcoin price poised for a major rally, driven by increased demand from institutional investors, BNB price is well positioned to rally above $687. Furthermore, the four-hour MACD line is trading above the zero line amid the growing bullish histograms.

As the four-hour Relative Strength Index (RSI) approaches the 70 percent level, BNB price is aiming to rally above $790 shortly.