TLDR:
BNB Chain’s weekly DEX volumes reached $17.74 billion, the highest in three years, driven by PancakeSwap and THENA
BNB is trading at $697 with a $100 billion market cap, showing a 2% gain in 24 hours
Technical analysis shows BNB in an ascending triangle pattern with resistance at $722
Major support levels are at $685 and $672, with key resistance at $696 and $700
A potential short squeeze could occur if BNB moves past $706, triggering liquidations
BNB Chain, one of the largest blockchain networks in the cryptocurrency space, has recorded its highest weekly decentralized exchange (DEX) trading volume in three years, reaching $17.74 billion. The surge in activity comes as BNB, the network’s native token, trades near the $700 mark.
The latest data from DeFiLlama reveals that two major protocols on BNB Chain have been the primary drivers of this volume increase. PancakeSwap has seen a 298% rise in weekly trading volume, while THENA has recorded a 111% increase, highlighting growing user activity on the network.
BNB, currently ranked as the sixth-largest cryptocurrency by market capitalization at $100 billion, has shown resilience in the market with a 2% gain over the past 24 hours. The token was trading at $697 at press time, reflecting broader market recovery trends.
The token reached an all-time high of $793 in early December 2024, though subsequent attempts to break past $800 have met strong resistance at $722. Current market data shows BNB forming an ascending triangle pattern on daily charts, suggesting potential bullish momentum.
BNB
BNB Price
Technical analysis indicates that BNB is consolidating near critical support levels. The $685 and $672 marks have emerged as key support zones, while immediate resistance lies at $696, followed by the psychologically important $700 level.
The Relative Strength Index (RSI) has moved above the 50 mark on the daily chart, indicating renewed buying interest in the market. However, the Awesome Oscillator (AO) displays red bars, suggesting some bearish pressure remains present.
Trading data from Coinglass reveals a notable concentration of liquidation levels above the current trading price. A move past $706 could trigger a short squeeze, potentially forcing short sellers to close their positions and driving prices higher.
PancakeSwap’s performance has been particularly notable, with its nearly 300% increase in weekly trading volume leading the way among BNB Chain’s decentralized exchanges. This surge represents the highest level of trading activity seen on the platform since December 2021.
The current price action shows BNB trading below the 100-hourly simple moving average, with a recent break below a bullish trend line at $696. The market structure suggests that maintaining support above $672 could be crucial for sustaining upward momentum.
Market participants are closely watching the $720 resistance zone, as a breakthrough could open the path to higher levels. Analysis suggests that a successful move above this level might lead to a test of $732 in the near term.
Short-term price movement indicates that BNB is approaching the 50% Fibonacci retracement level of the recent upward move from $664 to $703. This technical setup could provide insights into potential price direction in the coming days.
A deeper look at market metrics shows that BNB’s liquidation heatmap displays multiple critical levels both above and below the current price. The $678 mark represents another key liquidation level below the current price, where a breach could trigger long position liquidations.
The MACD indicator on the hourly timeframe shows gathering momentum in the bullish zone, though the RSI remains below the 50 level, indicating mixed short-term sentiment among traders.
Recent market data indicates that BNB must maintain support above the 76.4% Fibonacci retracement level at $672 to preserve its bullish market structure. A drop below this level could lead to a test of lower support zones.
The post BNB Price Consolidates Near $700: BNB Chain Records Highest Weekly DEX Volume Since 2021 appeared first on Blockonomi.