Binance Coin ($BNB) surged 19% in May, soaring above $697 as traders eye the key resistance at $732. The BNB Chain recently handled three times the combined DEX volume of both Ethereum and Solana—could this momentum trigger a breakout?
Institutional interest is on the rise, fueled by ETF discussions and a significant legal win against the SEC, prompting forecasts of a potential rally to $2,000.
This breakout wasn’t just a win on the price charts—it firmly cemented $BNB’s position among the top-tier cryptocurrencies, securing its spot as the fifth-largest digital asset by market capitalization.
With a valuation exceeding $92 billion, BNB now stands more than $10 billion ahead of Solana and boasts a market cap nearly four times larger than Cardano and Tron.
BNB Chain Outpaces Rivals with Record-Breaking $12.4B DEX Volume
$BNB’s rising value is mirrored by the BNB Chain’s strong performance, with its 24-hour decentralized exchange (DEX) volume recently reaching a record-breaking $12.4 billion.
This volume is three times greater than the combined DEX activity on Ethereum and Solana, highlighting BNB Chain’s increasing influence in the market.
Data from DeFiLlama shows that BNB Chain ranks third in active DeFi wallet addresses, with over 1.4 million users—trailing only Solana (5.06 million) and Tron (2.54 million)—underscoring its substantial and growing user base.
Another clear sign of BNB Chain’s growing dominance is the surge in stablecoin issuance on the network. Back in November 2020, its stablecoin market cap was just $140 million.
Today, that figure has skyrocketed, with the network now holding over $10.2 billion in stablecoin total value locked (TVL).
$2K $BNB? Maxis Says ‘Trillion-Dollar Innovation’—But Can It Deliver?
This rapid growth has ignited bullish sentiment among BNB supporters, with many hailing it as a “trillion-dollar innovation.” Bold predictions are starting to emerge.
One example is Crypto Gems, a prominent altcoin analyst on X (formerly Twitter), who recently projected that BNB could reach $2,000 in the current market cycle.
Beyond on-chain performance, Binance recently achieved a significant legal milestone.
On May 29, Binance, its co-founder Changpeng Zhao (CZ), and the U.S. SEC jointly submitted a motion in a Washington, D.C. federal court to dismiss the SEC’s lawsuit filed in June 2023.
In the wake of this move, USD Services launched in the U.S., enabling users to deposit U.S. dollars and buy crypto through ACH bank transfers.
At the same time, institutional interest is accelerating, with growing momentum behind applications for a BNB spot ETF—a development that many see as bolstering the case for BNB reaching $2,000.
Technical Analysis: $BNB Breakout Signals Path Toward $793 Price Target
The chart shows that $BNB recently rallied from a demand zone between $620 and $635, which has now become a key support level.
This blue-highlighted range on the chart was formerly a resistance area but flipped to support after a powerful upward breakout accompanied by a surge in trading volume.
The price action indicates that $BNB tried to push higher but faced significant resistance between $711 and $732, highlighted in red.
This zone has historically capped upward momentum and now represents the main barrier $BNB needs to break through to start a move toward a new all-time high (ATH). The chart suggests an upside target of $793.12, implying a potential gain of around 20.86% from the current price.
The Relative Strength Index (RSI), currently at 49.45, points to neutral momentum.
During the recent rally, the RSI displayed signs of bullish consolidation, mostly staying above the midpoint of 50. A fresh rise above 50 on the RSI would reinforce the bullish outlook and indicate strengthening momentum.
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