BNB Price Breaks Out of 70-day Correction to Chase New All-Time High

Since last week, the crypto market has witnessed low volatility, evidenced by Bitcoin price consolidation around $95,000. While the market uncertainty has stalled recovery for most major altcoins, the BNB price projected a seven-day rally, nearing a bullish breakout from key monthly resistance.

Key Highlights:

• BNB price breakout from the overhead trendline signals the end of a two-month correction.
• The $640 support backed by 100-and-200-day EMAs creates strong pullback support.
• BNB Chain processed 68.3 million transactions in the last 30 days, making it the most active EVM-compatible blockchain.

BNB Chain Outshines Solana as Transaction Volume Hits 68.3M

Defying the recent market uncertainty, the BNB price experienced a significant surge from $568 to $687, registering a weekly growth of 20%. This upswing pushes BNB’s market capitalization to $97.4 Billion, surpassing Solana’s market cap of $94.3 Billion.

Meanwhile, BNB Chain has processed 68.3 million transactions in the past 30 days, making it the No.1 EVM chain in terms of 30-day transaction volume. The high transaction activity suggests growing adoption and sustained network activity directly driving the demand pressure of BNB price.

BNB Price Breakout to End 70-day Correction

The daily chart analysis of the BNB price shows the formation of a rising wedge pattern. The chart setup shows two converging trendlines as dynamic resistance and support, guiding a steady uptrend.

The recent recovery displayed a new bull cycle within this wedge pattern, indicating the buyers continue to accumulate at a discounted value— a sign of an established uptrend. As Binance coin reclaims key daily EMAs (20, 50, 100, and 200), the market sentiment gradually turns bullish, bolstering the asset price for a higher rally.

BNB/USDT – 1d chart

Currently trading at $689, the coin price shows breakout potential from a downsloping trendline (red), which drives the current correction trend. A successful flip of this resistance to potential support will bolster a rally past an all-time high resistance of $795.

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