Binance Coin's $749 target: Decoding odds of a 23% BNB rally
BNB's network growth hit its second-highest level in 2024, signaling stronger on-chain user engagement.
The altcoin's chart structure hints at a breakout, possibly setting a new yearly high if momentum holds.
Over the past 24 hours, bullish momentum appeared to build steadily. Binance Coin [BNB] rose 1.36%, inching its monthly return toward double digits.
Using market data and on-chain activities, AMBCrypto identified a clear path to a potential rally for BNB.
Network growth puts BNB in a good spot
The spotlight fell on the BNB Smart Chain, where activity spiked sharply in recent days.
In the past day, net worth utilization rose to an impressive 24%, a major climb that suggests continued use of BNB protocols.
This marks the second-highest surge this year, following a 25% increase recorded in February.
Source: BscScan
AMBCrypto linked the growth in BNB utilization to the rise in active addresses on the BSC network.
Since the 2nd of May, active BSC addresses have nearly doubled, climbing from 1.15 million to 2.056 million. This surge suggests steady adoption, reinforcing expectations that BNB utilization will remain high.
Additionally, Unique Wallet Addresses, representing new users, have reached 552.26 million, with 978,384 added daily.
While this reflects growing awareness, it doesn't confirm that these new addresses have completed transactions on the blockchain.
However, they hold the potential to engage in transactions and acquire BNB for usage.
A 23% upswing could be near
On the daily chart, BNB has formed an inverted head-and-shoulders pattern. This pattern typically signals the start of a price rally once a breakout occurs.
Source: TradingView
From the coin's current price level, a rally could push it to approximately $749, marking a 23.03% gain. A move to $749 would represent the asset's highest price point this year.
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The current adoption trend and market buildup could provide the momentum needed to drive the asset upward.
Major obstacle present
However, there's one catch.
Spot traders seemed to be unloading their holdings. Over the past day, $8.42 million worth of BNB was transferred to exchanges and sold.
Source: CoinGlass
This activity likely reflects profit-taking.
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