Binance Coin price remained in a tight range on Monday, even as the network surpassed Ethereum in a key metric.
Binance Coin (BNB) dropped to $685, down 6.50% from its weekend high as Donald Trump’s inauguration continued.
Data shows that the daily volume on BNB Chain Decentralized Exchanges surpassed that of Ethereum (ETH) on Monday. According to DeFi Llama, these DEX networks processed over $5.7 billion in sales, exceeding Ethereum’s $5.05 billion.
This volume made BNB Chain the second-biggest network in DEX volume after Solana, which handled $25.3 billion. The daily volume on BNB Chain marked its highest increase since March 2021.
PancakeSwap led the gains with over $5.24 billion in volume, followed by platforms like THENA, Uniswap, DODO, and Woofi.
Ethereum’s network has faced challenges in recent months as more traders migrate to layer-2 networks like Base, Arbitrum, and Optimism. For instance, Base, launched by Coinbase in 2023, recorded a weekly volume of $14 billion, trailing Ethereum’s $21 billion.
The next key catalyst for BNB’s price will be its token burn, scheduled for the coming weeks. According to BNB Burn, the 30th autoburn will incinerate 1.64 million tokens valued at over $1 billion.
The network burns over 1.5 million tokens quarterly, with the burn amount determined by BNB’s price and the number of blocks produced. The ultimate goal is to reduce the total BNB supply from 144 million to 100 million tokens.
BNB price analysis
The weekly chart shows that Binance Coin’s price has performed well over the past few years, rising from $188 in 2022 to $690. It has consolidated near the upper side of the cup and handle pattern, a popular bullish indicator.
BNB has also moved above the 50-week and 100-week moving averages, both of which are bullish signals. Additionally, the Relative Strength Index and MACD indicators have shown upward momentum.
As a result, the coin is likely to experience a strong bullish breakout in the coming months. Based on the cup and handle pattern, BNB could rise to cross the crucial resistance levels of $1,000 and $1,135.
