BNB Surges, Outpacing Solana & Ethereum in DeFi
Key Takeaways
Binance Coin (BNB) has shown strong performance in recent days, surpassing both Solana (SOL) and Ethereum (ETH) in key on-chain metrics. Notably, trading volume on decentralized exchanges (DEX) increased by 13%, while competitors experienced declines. This development has boosted the BNB price, bringing it close to its yearly high.
BNB Outperforms Solana and Ethereum
BNB has broken through multiple resistance zones in recent weeks and is now approaching the $640 mark. A 50% increase in trading volume indicates strong capital inflows. Additionally, the BNB/BTC pair has reached a new yearly high, suggesting increasing relative strength against Bitcoin.
In contrast, Solana and Ethereum have lost value against Bitcoin over the past two years. This trend is also reflected in DEX volume: While Binance Smart Chain (BSC) recorded a trading volume of $2.544 billion (+13%), Solana and Ethereum saw declines of 20% to $1.183 billion and $1.348 billion, respectively.
Growing DeFi Activity on Binance Smart Chain
Not only has trading volume increased, but activity in the decentralized finance (DeFi) sector also shows positive momentum for BNB. While Solana’s Total Value Locked (TVL) has dropped to $8.66 billion due to de-staking, Binance Smart Chain has seen an increase to $6.53 billion.
Can BNB Reclaim a $100 Billion Market Capitalization?
A sustained breakout above the $700 mark could help BNB regain its $100 billion market capitalization. Current capital inflows and the bullish market structure support a short-term move toward $670, provided market conditions remain stable.
However, the Relative Strength Index (RSI) indicates that BNB is in an overbought zone, increasing the risk of profit-taking. If buying pressure persists, $670 could become a new support level, enabling further price increases. Otherwise, a correction to $620 or even $600 may occur before another breakout attempt.
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Our Assessment
BNB is currently demonstrating strong market performance, benefiting from increasing activity on Binance Smart Chain. Its growing dominance over Solana and Ethereum suggests continued investor interest. However, investors should monitor the overbought market conditions and potential short-term pullbacks. A sustained breakout above $700 could pave the way for a return to a $100 billion market capitalization.
| Symbol | BNB |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $623.35 |
| 24h % | 1.44 % |
| 7d % | 8.69 % |
| 30d % | -6.41 % |
| 60d % | -12.53 % |
| 1y % | 22.82 % |
| Market Cap | $90,918,718,529.00 |
| Max. Supply | 200,000,000.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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