BNB Price Rises as Binance Smart Chain Sees Strong Growth

Binance Coin (BNB) shows strong performance as the Binance Smart Chain (BSC) sees more use. On Sunday, BNB reached $660, climbing 13% from its lowest point this month. Although it is trading below the $692 peak from earlier in May, strong demand from the BNB Smart Chain drives the price upward. This growing interest is helping to sustain bullish momentum.

BNB In Spotlight as BSC Volume Surges Past Ethereum

Over the past 30 days, the BNB Smart Chain processed more than $100 billion in trading volume on its decentralized exchanges (DEXs). This is more than Ethereum (ETH) and Solana (SOL) recorded simultaneously. Ethereum had $67 billion in volume, while Solana had $97 billion.

Most of BSC’s trading happened in the past seven days. During that period, the trading volume jumped by 133%, reaching over $55 billion. PancakeSwap is leading this growth. It handled $50 billion in the last week and $92 billion over the past 30 days. 

It also passed a total volume of $1.62 billion. Other BSC-based DEXs like Uniswap, THENA, Dodo, and SquadSwap have also seen more trading activity.

BSC Upgrades Are Helping the Network Grow

The strong growth of BNB is not just about volume. Recent upgrades to the BSC network have made it faster and more efficient. The Pascal upgrade improved the chain’s ability to work with Ethereum. Meanwhile, the Lorentz upgrade reduced block times from 3 to 1.5 seconds, making transactions much quicker.

The next upgrade, called Maxwell, is expected in June. While an exact date has not been shared yet, developers say it will bring even faster performance. This upcoming upgrade could put BSC ahead of Ethereum and Solana in terms of speed.

Technical Charts Show Bullish Signals

BNB’s price chart shows positive signs. The coin dropped to around $510 in February, March, and April. These repeated drops formed a triple-bottom pattern, often signaling the end of a downtrend. The key level to watch in this pattern is $645.

Also, a golden cross has appeared. This happens when the 50-day moving average goes above the 200-day one. Many traders see this as a sign that the price may go higher. Analysts revealed that for the BNB price to keep rising, it needs to break through the $690 resistance level. 

If it breaks this level, the next target is $795. Notably, this was BNB’s price on December 4th, which is 20% higher than today’s price. A cup-and-handle pattern is also forming on the weekly chart. 

This is another sign that BNB may continue to rise in the long term. Earlier in May, Standard Chartered analysts predicted the BNB price to reach $2,775 by 2028.