- BNB has broken out of a long-term falling wedge pattern, supported by a 58% surge in chain revenue and a rise to 1.2 million daily active users.
BNB is flashing major bullish signals after breaking out of a long-term falling wedge pattern, with analysts now eyeing a long-term price target of $854, a level that would set a new all-time high for the token.
The breakout is backed by surging volume, strong technicals, and a wave of on-chain and ecosystem growth.
BNB soared past $667.92 earlier this week, propelled by a sharp rise in trading volume that surpassed $1.6 billion, according to CoinMarketCap data. The move marks a decisive breakout from a falling wedge pattern that had compressed price action since late 2023.
Historically, such breakouts, especially when paired with high volume, signal strong bullish reversals.
Meanwhile at the time of press, the digital asset is swapping hands with $671.10 after a 1.82% surge in the past 24 hours.
Technical analysts are optimistic. If the pattern continues to play out, the projected long-term upside could push BNB to $854, well above its current all-time high of $793.35.
On the daily chart, the Relative Strength Index (RSI) is hovering around 52, suggesting bulls are holding critical support but need further momentum to confirm a rally. Resistance remains firm at $693, a price that has capped several past attempts at a breakout.
Should BNB close above this level, it could pave the way for a move to $732, aligning with the 1.0 Fibonacci extension level.
Momentum indicators also point toward early bullish sentiment. The MACD has formed a subtle bullish crossover, with the MACD line above the signal line, though still below the zero mark. A move above zero would further validate the strength of this uptrend. However, a reversal in momentum could lead to a retest of support at $634 or even $580 if the breakout fails.
Beyond technicals, the BNB Chain’s fundamentals are strengthening rapidly. The network has seen a 26.4% increase in daily active users, reaching 1.2 million. Simultaneously, quarterly revenue surged 58% to $70.8 million, a clear indicator of rising network activity and utility.
These metrics reflect more than just short-term enthusiasm. Binance recently launched a hackathon aimed at driving innovation in decentralized science (DeSci) and decentralized physical infrastructure networks (DePIN). The initiative could further expand the utility of the BNB ecosystem and attract new developers and users alike.
As macro headwinds persist in the broader crypto market, BNB stands out with a compelling mix of technical and fundamental strength. With bullish patterns aligning and ecosystem momentum accelerating, analysts are increasingly confident in BNB’s long-term prospects, with $854 now firmly on the radar.