The Binance coin went parabolic this week, soaring to its highest level in over a month as its ecosystem boomed.
Binance Coin (BNB) token jumped for eight straight days and reached a high of $732.It has jumped by over 43% from its lowest level this year.
The BNB price jumped after the developers announced their priority for this year. They hope this will increase the network speed, enabling them to handle over 100 million transactions a day.
The network also hopes to introduce a gasless feature for all transactions, which it hopes will reduce user transaction fees. Further, BNB hopes to eliminate malicious maximal extractable value, commonly known as MEV, from the network.
BNB Chain is also taking artificial intelligence seriously, introducing tools like AI agents to automate tasks. To promote the growth of its ecosystem, it will also introduce decentralized storage and AI hackathons.
The BNB price also jumped as its staking yield soared by double digits. According to StakingRewards, the yield has soared to 16.3%, making it one of the top-yielding coins in the industry. This yield is much higher than what bonds and popular dividend funds offer.
BNB token also soared as its ecosystem boomed. Most tokens in its ecosystem were some of the best performers. Thena, a top DEX network, jumped by 43%, while Simon’s Cat, Venus, PancakeSwap, and Dodo jumped by over 30%.
These tokens may continue doing well because of their fundamentals. For example, PancakeSwap has flipped Uniswap and Raydium in weekly transaction volume. Other fast-growing DEX networks on BNB are Thena, Uniswap, and Dodo. This growth may continue as Changpeng Zhao moves to the meme coin industry.
Binance coin also soared after the Securities and Exchange Commission filed for a 60-day pause on its litigation with the company.
BNB price technical analysis
The weekly chart shows that the Binance coin price has been on a strong rally since bottoming at $190 in 2023. It has formed a cup-and-handle pattern, with the recent consolidation being part of the handle section.
The coin has remained above the 50-week moving average and has formed a long-legged doji, a popular bullish reversal.
The cup’s depth is about 70%. Therefore, by measuring this distance from the cup’s upper side means that it may surge to over $1,100 in the longer term. These gains will be confirmed if the coin rises above last year’s high of $793 and the resistance at $1000.
