- BNB Chain reaches 60 million active addresses, doubling since the start of the year.
- Open interest in BNB futures climbs to a record $2.57 billion.
- Analysts target $1,300 as the next BNB price objective, with support at $1,191 in case of a pullback.
BNB has surged to a new all-time high (ATH) of $1,220.63, continuing a powerful rally that has drawn investor attention and pushed the token to historic levels.
This milestone highlights growing confidence in Binance and the broader cryptocurrency market, as upward momentum fuels expectations for further gains toward $1,300.
Bulls extend control
The rally follows weeks of sustained gains, with BNB rising more than 17% over the past week and over 40% across the previous month.
That momentum has been driven by increased activity on the Binance Smart Chain, a sharp rise in decentralized finance (DeFi) usage, and renewed institutional inflows into digital assets.
At the same time, Binance has continued its scheduled token burns and expanded into Web3 services including staking, NFTs, and cross-chain infrastructure, reinforcing BNB’s role beyond a purely speculative asset.
The token’s utility for payments and DeFi protocols has become a key factor underpinning its long-term resilience.
Traders are positioning for this ecosystem-driven growth, helping BNB sustain the rally even as the broader market consolidates.
With the global crypto market edging back toward a $4 trillion valuation, BNB’s performance serves as an indicator of investor confidence and market resilience.
BNB Chain network activity rises
Alongside the price surge, BNB’s on-chain metrics have reached new highs.
Monthly active addresses on the BNB Chain have doubled since the start of the year and now exceed 60 million, signaling accelerated adoption.
Total value locked in BNB-based protocols also rose sharply, climbing from $7.58 billion at the end of September to $8.69 billion in early October—the highest level since mid-2022.
These metrics emphasize growing user engagement and capital deployment within the Binance ecosystem.
Derivatives activity also echoes the bullish tone: open interest in BNB futures hit a new peak of $2.57 billion according to CoinGlass data, indicating fresh capital flowing into leveraged positions.
The build-up of these positions reinforces expectations of continued upward potential as traders bet on higher prices.
Technical outlook for BNB remains bullish
From a technical perspective, BNB has cleared several key levels.
After rebounding from support near the 61.8% Fibonacci retracement at $948.45, the token climbed more than 24% in just six days, breaking $1,192 before reaching the recent record high.
Analysts now point to an immediate target at $1,229.80, followed by the 161.8% Fibonacci extension level around $1,301.91.
Indicators support this view: the Relative Strength Index (RSI) sits at 73.58 and remains upward, while the MACD recently flashed a bullish crossover.
Despite the strong setup, analysts warn that corrections cannot be ruled out—especially with the RSI now in overbought territory.
If BNB retraces, market analysis points to $1,191 as the first significant support to watch. Failure to hold that level could open a slide toward $1,079.
Nevertheless, market sentiment remains overwhelmingly positive, with demand for BNB supported both by technical strength and continued ecosystem growth.