- BNB surged 19% in May, nearing key resistance at $732.
- BNB Chain’s DEX volume hit $12.4B, beating Ethereum and Solana combined.
- ETF buzz and SEC win boost hopes for a $2,000 BNB breakout.
Binance Coin ($BNB) saw a large rally in May, reaching over $697 and making the $732 line a key level to watch for traders. The price rise follows a recent increase in BNB Chain’s network, as it managed a decentralized exchange (DEX) trading volume over three times greater than Ethereum and Solana’s total. Some analysts are looking at the current strength to determine if this could cause a big price increase.
Discussions about applying BNB to exchange-traded funds (ETFs) are increasing and the recent SEC court decision that recognized BNB’s token status has helped fuel increased institutional involvement. Because of these developments, speculation is rising about the possibility of Bitcoin reaching $2,000.
BNB’s price increase these days has not only been reflected on charts, but has helped it increase its significance in the industry. Now listed as the fifth-largest cryptocurrency by market cap, BNB is worth more than $92 billion in the market. Ether’s market value is now comfortably higher against Solana and is nearly four times bigger than Cardano and Tron.
BNB Price Snapshot
| Metric | Value |
| Current Price | $657 |
| May Gain | +19% |
| Resistance Level | $732 |
| Target Price | $793 |
| Long-Term Target | $2,000 |
BNB Chain Hits All-Time High DEX Volume, Surpassing Ethereum and Solana
The ongoing and rapid development of Binance Chain is driving BNB’s growth in the markets. Recently, the network’s 24-hour DEX trading volume exceeded $12.4 billion which is much higher than the amounts traded on Ethereum and Solana put together. With this performance, Binance Chain is showing increasing influence on decentralized finance.
According to DeFiLlama, Binance Chain has the third most active wallet addresses out of all DeFi platforms, with more than 1.4 million users on the network. It has more coins than any other blockchain besides Solana (5.06 million) and Tron (2.54 million).
Stablecoin issuance has also risen, which points to a growing influence from Binance Chain. Back the,n in November 2020, the value locked in stablecoins on the Binance Chain was $140 million. The amount has now reached over $10.2 billion, strongly increased from a few years earlier.
Bullish Outlook Grows as Analysts Forecast $2K BNB
The huge increase the asset has seen has made some Binance supporters view it as a “trillion-dollar innovation.” Several experts in the crypto area like “Crypto Gems” on X (previously Twitter) believe that $BNB may achieve a level of $2,000 before the current market cycle concludes.
Recently, Binance was successful in a major legal win which has strengthened good feelings about crypto. The SEC, Binance and Changpeng Zhao (CZ) filed a motion on May 29 asking to dismiss the SEC’s complaint that was filed in June 2023. As a result of this legal progress, USD Services in the U.S. was introduced which made it possible for users to put in dollars and buy digital currency through ACH transfers.
Institutions are now paying bigger attention to cryptocurrencies. Applications for an exchange-traded fund (ETF) linked to Binance NFT (BNB) are gaining popularity which some industry watchers say supports the prediction that its price will reach $2,000.
Technical Indicators Signal Path Toward $793 if Resistance Breaks
Analysis of charts shows that $BNB rose after being bought from a supportive level between $620 and $635. At first, this level resisted the price, but now it is helping the asset go up as more traders enter the market.
Yet, at the moment, Binance is meeting resistance in this range from $711 to $732 which has often stopped it from going up in value. Getting past this zone would be crucial to any effort to establish a new all-time high.
If $BNB goes above this resistance, analysts see a possible price increase to $793.12 which would be 20.86% more than its present value.
The Relative Strength Index (RSI) is showing a value of 49.45, implying that market momentum is currently neutral. Recently, the RSI exceeded the value of 50, so we can see that the market was more bullish. A move above 50 might point to higher buying pressure and support a bullish breakout.
As the market changes, Binance stays ahead, supported by technical strength, more interest from institutions and rapid growth within its ecosystem.
