Binance Coin soars past $1,000: Bullish patterns point to more gains

Binance Coin (BNB) has surged past the $1,000 mark this week, extending its strong rally fueled by robust network growth and investor optimism.

Summary

• BNBs price surge is backed by impressive growth across multiple sectors of the crypto ecosystem.
• The network boasts over 11.8 million stablecoin addresses, outpacing Ethereums 3 million, while its DeFi and gaming sectors continue to thrive. With total value locked (TVL) in decentralized finance reaching $11.75 billion and over $3.2 billion in daily DEX volume, BNB is emerging as a key player in both DeFi and blockchain gaming.
• As speculation builds around the potential approval of a spot BNB ETF, analysts predict that the coin could climb as high as $1,125, further validating its bullish outlook.

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Binance Coin price enjoys boost

With technical indicators such as a cup-and-handle pattern and Murrey Math Lines pointing toward further gains, BNBs bullish momentum shows no signs of slowing down.

Artemis data shows that it has over 11.8 million stablecoin addresses, much higher than Ethereums (ETH) 3 million. The stablecoin supply rose to $11.2 billion, while the adjusted volume in the last 30 days to over $187 billion.

BNB Chain has also become the second-biggest network in the gaming industry after Sei. According to DappRadar, it had over 6 million unique active users in the last 30 days.

It is also a major player in decentralized finance, with its total value locked jumping to $11.75 billion. The biggest apps on the platform are PancakeSwap, Venus, Lista DAO, and Solv Protocol.

DeFi Llama data shows that it is a top player in the decentralized exchange industry. DEX apps in its network handled over $3.2 billion in volume in the last 24 hours, bringing the month-to-date volume to $52 billion.

BNB price has also soared as investors await the Securities and Exchange Commissions approval of the spot BNB ETF. The ETFs, if approved, will likely have robust inflows as Bitcoin (BTC) and Ethereum (ETH) have demonstrated.

BNB price technical analysis

Binance Coin price chart | Source: crypto.news

The daily timeframe chart shows that the Binance Coin price has been in a strong bull run. It has constantly remained above the 50-day and 100-day Exponential Moving Averages and the Ichimoku cloud.

Likewise, the Relative Strength Index and the Average Directional Index have continued soaring.

The ongoing BNB price surge happened after it formed a cup-and-handle pattern whose depth was about 36% — measuring the same distance from the cups upper side at $792 points to more gains towards $1,090.

The coin has moved to the ultimate resistance level of the Murrey Math Lines tool. This means that the BNB price may continue rising to the extreme overshoot level at $1,125. A drop below the support at $900 will invalidate the bullish forecast.