Binance Coin (BNB) Rose to a 1-Month High as On-Chain Activity Spiked

Binance Coin (BNB) rose to an intraday high of $545, its highest level since Aug. 27, and 15% above its lowest point this month.

Binance Coin (CRYPTO: BNB) fiyatı Just climbed to a new high as on-chain activity showed an increase in active addresses and transactions.

What Happened: Binance Coin traded as high as $545 on Friday, its highest level since August 27. At today's high, the token was up about 15% from this month's low.

Overall in August, BNB surged more than 36% from this month's lows.

BNB's recovery occurred as most other coins also experienced increases. Sui (CRYPTO: SUI) hit its highest level since August 24, while Popcat (CRYPTO: POPCAT) and BinaryX (CRYPTO: BNX) each hit multi-week highs.

BNB price is largely driven by on-chain metrics. The number of active BNB addresses increased by around 4% in the last 24 hours to 925.7K, while transactions increased by 15% to 4.2M.

According to data from Nansen, transactions reached their highest level in almost a month on Friday.

However, zooming in on the longer timeframe graph, the data shows that on-chain transactions and active addresses are not performing well.

The number of active addresses peaked in December at 3.58 million addresses, representing a decline of more than 75% since then.

Transactions also peaked in August with 4.8 million transactions, since then down more than 75%.

Binance Smart Chain fees also showed a downward trend, dropping from over $1.5 million in April to $372,000.

Further data from DeFi Llama shows that the total value locked in Binance Chain's DeFi ecosystem is over $4.4 billion, with the largest applications being Venus, PancakeSwap, and Lista DAO.

TVL is down from more than $5.8 billion at the start of this year.

Binance Chain's DEX platform handled more than $3.6 billion in assets over the past seven days, making it the fourth-largest chain after Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and Arbitrum.

Other Risks: Another risk for Binance Coin is that most of the tokens in circulation are owned by Binance and insiders, which could create problems if they decide to sell.

Data from CoinCarp shows that the top ten entities own 75.6% of all tokens.

BNB Price: Binance Coin formed an inverted head and shoulders chart pattern on the daily chart, a rare bullish signal. The recent bounce is part of the formation of the right shoulder.

BNB moved above the 50-day moving average and the 38.2% Fibonacci Retracement point while the Relative Strength Index rose past the neutral 50 point, indicating increasing momentum.

With this pattern, the coin is likely to continue moving higher as buyers eye the neckline of the head-and-shoulders pattern around the $600 level.

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