BNB Price Rebound: Real Users Drive Growth?
Binance Coin (BNB) recently experienced a price correction, dipping to $639 after reaching a high of $673. This dip followed geopolitical tensions in the Middle East. However, BNB quickly rebounded, defending the $640 support level. This recovery isn't just random; it's supported by significant on-chain data.
Real User Growth Fuels BNB Rebound
Analysis reveals a substantial increase in real users on the BNB chain. Non-Sybil Users, a metric excluding bots and airdrop hunters, reached an all-time high of 1.7 million, according to Artemis. Simultaneously, daily active addresses hit a monthly high of 2 million, with 595,700 new wallets also joining the network. This surge in genuine user activity indicates growing demand and utility for the BNB chain.
- Non-Sybil Users ATH: 1.7 million
- Active Addresses ATH: 2 million
- New Wallets: 595,700
Historically, increased user adoption often precedes price increases. This growth in genuine user activity strongly suggests a positive outlook for BNB.
Bullish Sentiment and Whale Activity
The bullish sentiment extends beyond individual users. Data from CryptoQuant shows that BNB futures taker CVD (Cumulative Volume Delta) remains buyer-dominant over the past 90 days. This signifies a long-biased market, indicating strong conviction among futures traders.
Furthermore, the average order size in futures markets suggests the return of large whale activity. The predominance of green dots in recent charts confirms that significant players are making bullish moves, taking long positions (73% of total contracts). This points to a strong belief in BNB’s future price appreciation.
Price Prediction: $674 or Retest of $639?
The confluence of increased user adoption, strong bullish sentiment, and significant whale activity places BNB in a favorable position for further price gains. A similar surge in user numbers in early May propelled BNB to $692. If current trends persist, BNB could target $674. However, a failure to maintain this upward momentum could lead to a retest of the $639 support level.
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