Over the past 24 hours, bullish momentum appeared to build steadily. Binance Coin [BNB] rose 1.36%, inching its monthly return toward double digits.

Over the past 24 hours, bullish momentum appeared to build steadily. Binance Coin [BNB] rose 1.36%, inching its monthly return toward double digits.

Binance Coin (BNB) displayed bullish momentum over the past 24 hours as it rose by 1.36%. This minimal increase gradually brought the monthly return closer to double digits.

As BNB’s price action unfolded, AMBCrypto highlighted a potential scenario for the cryptocurrency as it navigated new highs in network growth and on-chain activity.

The spotlight fell on the BNB Smart Chain, where activity spiked sharply in recent days.

As of Monday morning, net worth utilization had risen to 24%, a major climb that suggested continued use of BNB protocols. This marks the second-highest surge this year, following a 25% increase recorded in February.

Source: BscScan

AMBCrypto noted that the growth in BNB utilization could be linked to the rise in active addresses on the BSC network.

Since the 2nd of May, active BSC addresses nearly doubled, climbing from 1.15 million to 2.056 million. This surge suggests steady adoption, reinforcing expectations that BNB utilization will remain high.

Additionally, Unique Wallet Addresses, representing new users, reached 552.26 million, with 978,384 being added daily.

While this reflects growing awareness, it doesn’t confirm that these new addresses completed transactions on the blockchain. However, they hold the potential to engage in transactions and acquire BNB for usage.

A 23% upswing could be near

On the daily chart, BNB has formed an inverted head-and-shoulders pattern. This pattern typically signals the start of a price rally once a breakout occurs.

Source: TradingView

From the coin’s current price level, a rally could push it to approximately $749, marking a 23.03% gain. A move to $749 would represent the asset’s highest price point this year.

The current adoption trend and market buildup could provide the momentum needed to drive the asset upward.

Major obstacle present

However, there’s one catch.

Spot traders seemed to be unloading their holdings. Over the past day, $8.42 million worth of BNB was transferred to exchanges and sold.

Source: CoinGlass

This activity likely reflects profit-taking.

However, if the selling continues beyond today, it could imply that BNB holders lack confidence in the asset’s potential, which may suppress its price.