Binance Coin’s price rally has gained traction as futures open interest hit its highest level since July 7, alongside an increase in Decentralized Exchange (DEX) volume.

Binance Coin Price Movement

The Binance Coin (BNB) token rose for three consecutive days, reaching a high of $583.90, its peak since July 31. This price surge coincided with a sharp rise in futures open interest. Open interest climbed to over $607 million, with significant contributions from major platforms like Binance, Bybit, and BingX.

Volume Surge on BNB Smart Chain

The rally also saw a significant increase in volume on the BNB Smart Chain. Data indicates that 24-hour volume rose by 15% on August 22, reaching $921 million. This growth enabled BSC to surpass Solana, whose volume dropped by 21% to $692 million.

DEX Platforms Contribution

Most of BSC’s volume growth came from DEX platforms such as PancakeSwap, Dodo, Woofi, and Wombat Exchange. However, this was offset by a decrease in volume from other DEX dApps like Thena, BabySwap, and MDEX.

Solana’s Position

Despite this, Solana remains the second-largest DEX chain in the industry, following Ethereum. Over the past week, Solana recorded a volume of $6.3 billion, compared to BSC’s $4.2 billion.

Solana also outperforms BSC in the Non-Fungible Token sector, with $79 million in sales over the last 30 days, while Binance processed $15 million.

Increase in Unique Active Wallets

The number of unique active wallets in the BNB Smart Chain rose by 3% on August 22, reaching 414,000. Transactions increased by 8% to 725,000, while the number of dApps in the ecosystem grew to 5,455.

Potential Catalysts for BNB Price

Another potential catalyst for the BNB price could be the anticipated release of Changpeng Zhao from prison in September. This event might attract inflows from day traders due to the surrounding hype.

Technical Analysis

The BNB token has experienced a strong rally after bottoming at $400 on August 5. It has turned the 50-day moving average into support, while the Relative Strength Index (RSI) has moved above 50, indicating bullish momentum.

To sustain this rally, bulls will need to push the price above the critical resistance level at $603.63. This level corresponds to the highest swing on July 22 and the 23.6% Fibonacci Retracement level. A break above this level could signal further upside, potentially targeting the year-to-date high of $723.

Stay updated with the latest news and developments on Global Crypto News.

Post Views: 6