- The number of BNB addresses have now reached a new all-time high.
- Spot and derivative traders were aligned with BNB’s potential rally in the upcoming trading sessions.
Despite a 4.53% decline over the past 24 hours, Binance Coin [BNB] appeared likely to resume its bullish momentum. Notably, sentiment among top traders and spot investors started to turn bullish.
Recent on-chain market activity suggested a probable BNB price boom in the coming sessions due to its decidedly bullish outlook.
BNB adoption could spike soon
There has been a notable rise in the number of unique addresses on the BNB Chain over the past 24 hours, reaching a new all-time high of 500 million addresses.
This milestone indicates growing adoption, which could positively impact BNB, its native token, as increased transactions and usage would likely coincide with a market rally.
Source: BscScan.com
However, while a rally is possible, a price surge may not materialize if the broader market sentiment remains bearish, as it currently is.
Market sentiment and on-chain analysis
AMBCrypto analyzed market sentiment to determine possible price movements for BNB in the upcoming trading sessions.
Spot traders have been on a buying spree for BNB over recent weeks. Between the 27th of January to press time, $117.84 million worth of BNB have been purchased.
Source: Coinglass
This was determined through Coinglass exchange netflow data, which has turned negative.
A negative netflow suggests increased buying activity, as traders move their holdings from exchanges to private wallets rather than holding on exchanges for sell-offs.
The derivative market shared a similar bullish sentiment. Binance top derivative traders are currently the most optimistic, with the long-to-short ratio—measuring the number of buyers versus sellers—reading 2.369.
This indicates more buyers than sellers, as higher values above 1 signal increased buying activity.
BNB price movement on the chart
BNB’s price has started aligning with bullish sentiment on the charts, and has started reclaiming a support level breached recently.
At press time, it was trading near the $605.90 support, which could serve as a catalyst for a significant upward move, clearing the upside liquidity marked in blue and targeting $793.86.
Source: TradingView
Read Binance Coin’s [BNB] Price Prediction 2025–2026
Adding to the bullish outlook is the Parabolic SAR (Stop and Reverse) indicator, which uses dots to identify potential price trends and reversals. When the dots form below the price, it signals an upward trend.
The Parabolic SAR has formed below BNB’s press time price, indicating bullish momentum and a potential price surge in the upcoming trading sessions, further increasing the likelihood of a rally.
