BNB Volume Surge

BNB has seen a 13% increase in DEX volume, positively impacting its price action.

The altcoin has outperformed both Solana and Ethereum in recent on-chain activity.

Binance Coin (BNB) has experienced a 13% rise in decentralized exchange (DEX) volume, significantly affecting its price trends. Over the past week, BNB has successfully breached three major resistance zones and is now nearing its early-February high of $640.

A notable 50% spike in trading volume indicates strong capital inflows, with the BNB/BTC pair reaching a yearly high, reflecting an increase in relative strength compared to Bitcoin. However, with the RSI approaching the overbought zone, traders should keep an eye out for possible exhaustion signals that could lead to a short-term cooldown.

In contrast to Solana and Ethereum, which are hitting two-year lows against Bitcoin, BNB has emerged with dominance. This is evident in the DEX volume, where Binance Smart Chain (BSC) recorded $2.544 billion (up 13%), while Solana and Ethereum declined by 20%, dropping to $1.183 billion and $1.348 billion, respectively.

Additionally, the trend goes beyond just trading volume. Solana’s Total Value Locked (TVL) has fallen to pre-election levels of $8.66 billion due to de-staking, while Binance’s DeFi ecosystem has witnessed steady growth, with TVL increasing to $6.53 billion.

With BNB leading high-cap competitors in DEX volume and staking activity, questions arise about whether a return to its $100 billion market cap is imminent.

BNB’s Path to Reclaiming a $100 Billion Market Cap

A breakout above $700 could help BNB regain its $100 billion market cap status. Strong capital inflows and a bullish structure suggest a near-term move towards $670, assuming stable market conditions.

However, as of now, the RSI indicates that BNB is approaching overbought levels, raising the possibility of profit-taking. If buyers can maintain momentum, $670 may become a support level, paving the way for further gains.

On the contrary, a pullback to $620 or even $600 could occur before another attempt at a breakout.