The post BSC DEX Volume Surpasses Solana—Will This Benefit BNB Price to Reach $700? appeared first on Coinpedia Fintech News
The crypto markets remained sluggish throughout the weekend without massive price actions, while the rise in the BTC price raised optimism. In the meantime, BinanceCoin has gained the spotlight, recording decent gains compared to the other top 10 cryptos. The token has attracted more than 11% gains in the past seven days and nearly 5% in the past 24 hours. With the rise above $630 and a notable increase of over 25% in trading volume, the BNB price is expected to be the top performer among the large-cap cryptos in the upcoming days.
BinanceSmart Chain TVL Surpass Solana
BSC TVL is on the rise! In the past few months, the trading activity on Solana was extremely high. As a result, the platform surpassed the transaction volume, count, and TVL of popular chains like Ethereum. Meanwhile, BinanceSmart Chain (BSC) has surpassed Solana in terms of DEX volume and ranked first.
One of the reasons for the rapid increase is said to be an investment from Abu Dhabi-based MGX into Binance. Secondly, the sudden rise in the BSC-based tokens like Mubarak and Mashalla has also contributed to the BSC DEX volume. Once, Solana also experienced a similar rise, which faded with the drop of a couple of memecoin rug pulls. Therefore, with the rise of memecoin volume on BSC, there could be the possibility of another such event.
How Will This Impact the BNB Price?
BinanceCoin is known for its silent yet monstrous behavior, as it maintains a consistent rally without making a lot of noise. The price has risen to over $630 after rebounding from the lows close to $500. With this, the token is expected to break above the bearish pattern, which may help the BNB price to head towards new highs.
As seen in the above chart, the BNB price broke down from the bullish pattern but remained within a descending parallel channel. Moreover, the 50-day and 200-day MAs underwent a bearish crossover, which is about to get reversed anytime from now. With this quick reversal, the price is expected to break the resistance of the descending channel and enter the rising parallel channel that it has held since August 2024.
Meanwhile, the RSI is incremental, which suggests that bullish continuation could be imminent for the BinanceCoin (BNB) price for the week.
