BNB Eyes $749: Can Binance Coin Defy Gravity With a 23% Surge?

Crypto traders are circling Binance Coin like sharks after a $749 price target flashed on radar—but can BNB really deliver a 23% moonshot? Here’s the breakdown.

Technical indicators show BNB flirting with key resistance levels. A clean breakout could send it soaring toward its all-time high... assuming the usual crypto volatility doesn’t pull the rug (again).

Meanwhile, exchange reserves are tightening—either a bullish supply crunch or yet another ’trust us, we’re totally solvent’ moment in crypto-land.

One thing’s certain: if BNB nails this rally, it’ll be one hell of a show. If not? Well, at least the chart-watchers got their daily dose of hopium.

Network growth puts BNB in a good spot

The spotlight fell on the BNB Smart Chain, where activity spiked sharply in recent days.

In the past day, net worth utilization ROSE to an impressive 24%, a major climb that suggests continued use of BNB protocols.

This marks the second-highest surge this year, following a 25% increase recorded in February.

Source: BscScan

AMBCrypto linked the growth in BNB utilization to the rise in active addresses on the BSC network.

Since the 2nd of May, active BSC addresses have nearly doubled, climbing from 1.15 million to 2.056 million. This surge suggests steady adoption, reinforcing expectations that BNB utilization will remain high.

Additionally, Unique Wallet Addresses, representing new users, have reached 552.26 million, with 978,384 added daily.

While this reflects growing awareness, it doesn’t confirm that these new addresses have completed transactions on the blockchain.

However, they hold the potential to engage in transactions and acquire BNB for usage.

A 23% upswing could be near

On the daily chart, BNB has formed an inverted head-and-shoulders pattern. This pattern typically signals the start of a price rally once a breakout occurs.

Source: TradingView

From the coin’s current price level, a rally could push it to approximately $749, marking a 23.03% gain. A move to $749 WOULD represent the asset’s highest price point this year.

The current adoption trend and market buildup could provide the momentum needed to drive the asset upward.

Major obstacle present

However, there’s one catch.

Spot traders seemed to be unloading their holdings. Over the past day, $8.42 million worth of BNB was transferred to exchanges and sold.

Source: CoinGlass

This activity likely reflects profit-taking.

However, if the selling continues beyond today, it could imply that BNB holders lack confidence in the asset’s potential, which may suppress its price.