BNB price is trading below $600 after a mild two-day bull run that saw it increase in value by 5.5% to reach a high of $605 on May 9.

Even with today's price drop, data shows that BNB price is still bullish on longer timeframes. BNB has rallied 83% in the past 30 days and 91% in 2024 alone to reach a multi-year high of $645 on March 16. This rally has brought BNB within 7% of its all-time high was $690 reached on May 10, 2021.

Since then, BNB has consolidated in a wide range, spanning from $500 to $620, leaving many traders wondering when the token will break out to all-time highs.

Let's look at the factors that are likely to push BNB higher.

Binance still leads in terms of trading volume and market share

Binance remains the leading cryptocurrency exchange in terms of market share, even as trading activity decreased in April.

After a messy legal case in 2022 that ended with former Binance CEO Changpeng Zhao receiving a four-month prison sentence and a $4.3 billion fine for the exchange, Binance has sought to recover. its share, which has increased for five consecutive months from October 2023 to present. March 2024 to more than 40%.

Data from CCData shows that Binance continues to capture a larger share of spot volume on centralized exchanges even though its market share fell 3.69% in April to 33.8%.

Monthly AA-A Spot Trading Volume | Source: CCData

Binance's dominance is corroborated by data from CoinMarketCap, which shows that the total 24-hour trading volume across all crypto exchanges was $63.63 billion, of which Binance accounted for $15.86 billion (24.9%) of these on May 10. Coinbase was in second place, contributing just $3.35 billion, and OKX was in third place with $2.29 billion.

Top Cryptocurrency Spot Exchanges | Source: CoinMarketCap

BNB's price action over the past few days has led to more on-chain activity, reinforcing the growing relevance of BNB Chain.

Data from DefiLlama shows that BNB Chain's total value locked (TVL) increased by 54% in 2024, showing that users and developers are engaging more with the blockchain network.

The chart below also reveals that TVL increased from $4.99 billion on April 30 to the current $6.167 billion, representing a 23.5% increase in May.

Total value locked on BNB Chain | Source: DefiLlama

This increase in TVL coincides with a price increase of about 10%, from a low of $536 on May 1 to current levels.

The growing value of BNB Chain's TVL shows that users and developers are interacting more with the network.

More data from DappRadar reveals that BNB Chain remains a powerhouse among layer 1 blockchains, processing 5.16 million transactions in the past seven days compared to Ethereum's 1.57 million transactions.

Leading layer 1 blockchains. Source: DappRadar

The figure above shows that BNB Chain leads the total number of decentralized applications (DApps), with more than 5,315 projects built on the blockchain, an increase of 8% compared to last week. This number is much higher than the 54,572 DApps on Ethereum and 2,087 on Polygon.

Bull Flag Predicts BNB Price Will Increase 40%

Data from Cointelegraph Markets Pro and TradingView shows that BNB price is consolidating in a “bullish pennant,” predicting a major breakout to a new all-time high, as observed by independent analyst World of Charts.

The analyst shared the following chart in a May 10 post on X, saying:

“BNB shows strength from multiple altcoins as a successful breakout of the bullish pennant could lead to a massive rally towards $1000 in the coming days.”

Analyst Captain Faibik observed a similar market setup in a May 7 post, saying that BNB price is “on the cusp of another bull run, so pay attention!! ”

“In case of a breakout, expect a +40% price increase.”

The price is trading 15% below its all-time high at the time of writing. The moving average convergence divergence (MACD) indicator remains in the positive zone above the zero line and is about to create a bullish crossover, showing that market conditions still favor an uptrend.

BTC/USD Daily Chart | Source: TradingView

The important levels to watch are the pennant's upper trendline at $610 and $650. The bulls must turn these barriers into support before pushing the price to the all-time high at $690 and then the technical target of the management chart pattern at $800. That would represent a 37% increase from current prices.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Source: https://tapchibitcoin.io/3-ly-do-when-cac-trader-dat-muc-tieu-800-usd-cho-gia-bnb.html