Binance Coin Price Surge Driven by Rising Volumes and Positive Technicals

The Binance Coin (BNB) price has experienced a significant comeback, reaching a high of $616 on Friday, Sept. 27, its highest level since June 27. This rise is attributed to increasing volumes in its decentralized exchanges (DEX), higher non-fungible token (NFT) sales, anticipation of Changpeng Zhao’s release, and favorable technical indicators.

Thriving BNB Smart Chain Ecosystem

Recent data indicates that the BNB Smart Chain ecosystem is flourishing. Sales of its NFTs surged by nearly 40% to $4.1 million in the past week, marking the second-largest weekly increase, only behind Bitcoin, which saw a 78% rise to $21.8 million. The most popular NFTs on the chain included Luxewalker, Primary Energy Pool, AkitaNFT, and Paraluni Perpetual Bond.

Rising Decentralized Exchange Volumes

The volume on BNB’s decentralized exchanges jumped by 52% in the last seven days, reaching $5.2 billion. BNB now ranks as the third-largest blockchain for DEXes, following Ethereum and Solana, which processed $8.45 billion and $6.53 billion in transactions, respectively. The leading BNB DEX networks were PancakeSwap, Dodo, and Uniswap, handling $4.4 billion, $364 million, and $247 million in tokens, respectively.

Increased DeFi Total Value Locked

BNB’s DeFi total value locked (TVL) has risen by over 13% in the last 30 days, outperforming Ethereum, Solana, and Tron. This growth highlights the increasing trust and investment in BNB’s DeFi ecosystem.

Anticipation of Changpeng Zhao’s Release

Another significant factor contributing to Binance Coin’s rise is the anticipation of Changpeng Zhao’s release after his four-month sentence. Zhao, the largest holder of BNB, influences the market sentiment significantly. The top ten wallets hold 75% of BNB tokens, and analysts predict a strong market comeback for BNB and other cryptocurrencies upon his release.

CZ to be released today after spending four months in federal prison. Let’s send all of crypto to Mars

Technical Analysis: Bullish Patterns

Binance Coin has formed a rare bullish chart pattern that suggests further potential gains. Specifically, it has developed an inverse head and shoulders pattern, a reliable indicator of a bullish reversal. Additionally, BNB has created a small bullish flag pattern, a common continuation signal. The coin remains above the 50-day and 100-day Exponential Moving Averages, reinforcing its bullish outlook.

A breakout above the key resistance level at $617 could trigger further price increases, potentially driving BNB to its year-to-date high of $721, approximately 20% above its current price.

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