Binance Coin (BNB) Price: Why Traders Are Betting on a Breakout to $790

TLDR

BNB Chain saw new addresses surge 26% in 24 hours to 589,657 addresses, with transaction fees rising 20.91% to 933.23 BNB DEX trading volumes on BNB Chain reached $187 billion in May, capturing 36% market share and surpassing Ethereum in value transferred BNB gained 11% over the past month, supported by strong DeFi activity and the end of SEC’s lawsuit against Binance Technical analysis shows support at $663 and resistance at $691, with potential breakout target of $790 Derivatives traders maintain long positions while spot traders continue taking profits, creating mixed market signals

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Binance Coin currently trades around $668 after gaining over 11% in the past month. The fifth-largest cryptocurrency by market cap has shown resilience despite sluggish short-term performance.

BNB Price

Recent data reveals a sharp increase in BNB Chain activity. New addresses jumped 26% in the past 24 hours, reaching 589,657 total addresses. This user growth coincided with rising network utility.

Source: BSC Scan

Transaction fees on BNB Chain increased 20.91% to 933.23 BNB within the same period. This represents approximately $624,000 in fees, marking the highest level since May 21st. Average transaction fees also rose 12.50% to $0.04.

The May 21st fee spike previously led to a 6.61% price increase, pushing BNB to $691. Historical patterns suggest similar outcomes could follow current network growth.

Network Activity Surpasses Ethereum

BNB Chain processed 198 million transactions in May, representing a 148% increase from the previous month. The network surpassed Ethereum in total value transferred during this period.

Decentralized exchange trading volumes reached $187 billion in May. This performance gave BNB Chain a 36% market share in DEX activity according to Dune Analytics data.

PancakeSwap, the chain’s flagship decentralized exchange, generated $6.72 million in revenue over the past 24 hours. This figure exceeded Circle’s $6.35 million earnings during the same timeframe.

The strong DeFi performance reflects growing ecosystem adoption. Binance’s Alpha Points reward system contributed to increased activity before recent bot crackdowns improved system fairness.

Technical Analysis and Trading Activity

Current technical indicators show support forming around $663 with resistance near $691. A breakout above resistance could push prices toward $790, while a drop below $648 risks correction.

$BNB continues the consolidation on the Ascending Triangle looking for the bullish continuation. Tracking closely 👀 pic.twitter.com/xXzlLEozmp

— Crypto Rand (@crypto_rand) June 5, 2025

Mixed Trader Sentiment

Spot traders continue profit-taking activities, realizing $2.61 million in gains over 24 hours. This selling pressure offsets some bullish momentum from network growth.

Derivatives traders maintain different positioning. Long positions dominate futures markets with an elevated Open Interest-Weighted Funding Rate of 0.0026%.

Source: Coinglass

The positive funding rate indicates active futures trading activity. Accumulation metrics remain strong, showing continued institutional interest despite retail profit-taking.

Regulatory developments support the positive outlook. The end of the SEC’s lawsuit against Binance removes a key overhang for the token.

BNB Chain’s transaction fee surge to 933.23 BNB represents the highest level recorded since May 21st, when similar network activity drove price gains to $691.

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