BNB Price Shows Resilience as Binance Smart Chain Metrics Reach New Highs

BNB price has shown resilience in recent trading sessions, holding steady above key support levels while fundamental metrics across the Binance Smart Chain reach new highs.

The price of BNB has shown resilience in recent trading sessions, holding steady above key support levels even as fundamental metrics across the Binance Smart Chain reach new highs.

The native token of the world’s largest cryptocurrency exchange is currently trading at around $675, remaining near its highest level since February 25.

The token has established a strong base above the $665 support zone after recovering from earlier lows around $653. Technical analysis reveals that BNB broke through a bearish trend line, although it remains below the 100-hourly moving average and faces resistance at the 50% Fib level at $672.

Network Upgrades Drive Development Activity

Binance Smart Chain has undergone several major upgrades this year that position it as a stronger competitor to Ethereum and Solana.

The Pascal upgrade earlier this year deepened integration with Ethereum, while April’s Lorentz upgrade reduced average block times from 3 seconds to 1.5 seconds.

The upcoming Maxwell upgrade, scheduled for June, will be the most ambitious improvement yet. This update will slash block times to just 0.50 seconds, potentially making BNB Chain one of the fastest major blockchains in operation.

These technical improvements come as network activity reaches levels not seen in years. Decentralized exchange volume across BNB Chain surged to over $102 billion in the past 30 days, the highest monthly total since November 2021.

PancakeSwap dominates trading activity with over $92 billion in volume during the same period. The platform processed $50.4 billion in the last 30 days alone and $9.9 billion in the past 24 hours.

Growing Stablecoin Adoption Signals Network Health

Stablecoin supply on BNB Chain has reached $10.1 billion, marking the highest level since November 2022. This growth signals increasing adoption, as stablecoins serve as the primary medium of exchange for most blockchain transactions.

Tether leads with $6 billion in supply after expanding by 15% in the past month. World Liberty’s USD1 stablecoin ranks second with over $2.1 billion in assets.

The expanding stablecoin ecosystem supports broader DeFi growth on the platform. Total value locked across BNB Chain protocols reached $9.32 billion, the highest point since May 2022.

Lista DAO stands out with assets surging over 50% in the last 30 days. Other major protocols include Venus, PancakeSwap, and KernelDAO.

Technical Analysis Indicates Potential Breakout

Technical analysis suggests that the price of BNB has formed a cup-and-handle pattern on weekly charts. The pattern’s depth of approximately 75% from peak to trough could indicate a potential price target of around $1,100 if the breakout occurs.

Current price action shows strong buying interest emerging near the $660-$665 zone, which acted as pivotal support earlier this week.

The price is currently facing resistance at the 50% Fib level at $672, with another resistance band emerging from $675 to $677. A decisive move above the $680 mark could pave the way for further gains toward the $685 and $700 levels.

The upcoming Maxwell upgrade in June could serve as a catalyst for the next major price movement, especially if it succeeds in reducing average block times to 0.50 seconds.