- Binance’s BNB token outperformed the top 10 crypto coins in the past week, soaring 18%.
- BSC dominates DEX volume at $2.61 billion as of March 18th, surpassing ETH and SOL.
- Crypto analyst sees BNB soaring to $1,000 in the short term and $5,000 by the end of the cycle.
Binance’s BNB token has surged a massive 18% over the past week, currently trading around $630.85 and outperforming the top 10 cryptocurrencies. It even reached a weekly high of $640.42, according to CoinMarketCap data.
This increase follows Binance co-founder Changpeng Zhao’s investment in the BNB Chain-based Mubarak (MUBARAK) meme coin, leading to a notable jump in Binance Smart Chain (BSC) decentralized exchange (DEX) trading volume.
How Does BNB Chain’s DEX Volume Stack Up?
As of March 18, BSC’s DEX volume stands at $2.61 billion, exceeding Ethereum ($1.336 billion) and Solana ($1.219 billion). Over the past week, BSC recorded $5.154 billion in DEX volume, significantly outpacing Ethereum ($2.68 billion) and Solana ($2.4 billion), DefiLlama data shows.
This shift is particularly noteworthy as Solana had previously been the leader in the DEX space, but BNB Chain’s recent performance suggests a change in market dynamics.
Related: BNB Surges 7% After Binance Clinches $2 Billion from Abu Dhabi’s MGX
BNB Chain DEXs Adoption Drivers
BNB’s rise in trading activity is partly due to the increasing adoption of PancakeSwap, its leading DEX. The platform’s low fees and high-speed transactions have attracted users away from Ethereum-based platforms.
Additionally, PancakeSwap’s launch of the Springboard memecoin platform in December has made token creation more accessible, further boosting Binance’s ecosystem.
Ethereum has historically led the DeFi space, but with its DEX volume currently at $1.012 billion, BNB’s recent surge presents a strong challenge. If this trend continues, BNB Chain could solidify its position as a dominant player in the DeFi sector.
BNB Price Analysis
Crypto analyst CryptoELITES has highlighted a critical resistance level from 2021 that BNB is on the verge of breaking. If this resistance is successfully breached, the analyst predicts potential targets of $1,000, $1,250, $1,500, and even $2,000.
A potential bull run could even see BNB reaching $5,000 as an ultimate goal. The chart provided by CryptoELITES shows a clear cup-and-handle formation, a classic bullish pattern that supports the possibility of a breakout to $5,000.
Additionally, the Relative Strength Index (RSI) currently stands at 56.39, indicating that BNB is in a bullish zone but not yet overbought. Meanwhile, Bollinger Bands (BB) show BNB’s price near the upper band at $643.11, suggesting strong momentum but also a possible short-term pullback if resistance holds.
Related: Related: BNB Chain Now Tops Solana in DEX Trading, Price Jumps
The 20-day Exponential Moving Average (EMA) at $601 acts as a major support level. If BNB maintains this support, higher prices could follow.
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