Binance Coin (BNB) recently surged to a new all-time high in price of over $750, and analysts are already projecting further gains. Despite rising prices and network activity, BNB’s growth has been slower than other top market-cap tokens. Over the past 30 days, it achieved a 25% gain, trailing the performances of other leading crypto assets and altcoins. However, a boost in supply and address activity could lead to price appreciation of the Binance coin.
Recent data from Glassnode reveals a spike in the number of active addresses on the Binance Smart Chain (BSC), reaching 751,000. This uptick signals the potential for further BNB price movement, good news for holders. Glassnode noted that this growth is promising, stating: “It indicates an expansion in on-chain activity, stronger fundamentals, and increasing network utilization.”
During the 2021 bull market, BNB Chain reached an all-time high of around 1.5 million active addresses. If the current market follows a similar trend, BNB could potentially see a 100% price increase from its current levels.
Surging Demand To Boom Binance Coin Price?
Furthermore, BNB’s surging demand may soon meet a falling supply of the asset. As a result, price and buy pressure may soon climb. As of now, there is a significant negative exchange netflow for BNB. Over the past 24 hours, the netflow stands at negative $729,340, while the 7-day figure is negative $1,850,000. This indicates that more BNB is leaving exchanges than entering, reducing the available supply. Hence, if this trend continues, the declining supply of BNB on exchanges, coupled with increasing demand, could trigger a notable price surge upwards of 100%, up to $1,400.
Also Read: Binance Coin Hits New All-Time High Price: Can BNB Reach $900?
While Binance Coin has settled back down in the last 24 hours, falling 5%, BNB’s bullish trend is approaching the 1.272 Fibonacci level, which is priced at $812.10. As a result, a supply zone is expected to form between $800 and $812. This creates a new settled floor level for the token, opening the door for a new higher resistance level to breach. Based on its Fibonacci levels, a Binance Coin uptrend beyond $812 will aim for the 1.618 level at $923.30.
