- BNB Chain has 60 million active addresses, doubling since the start of the year
- BNB futures open interest reached a record $2.57 billion
- Analysts eye $1,300 as the next BNB price target, with support near $1,191 in a pullback
BNB surged to a new all-time high (ATH) of $1,220.63, extending a powerful rally that has captured investor attention and pushed the token to historic levels.
The latest milestones underscore growing confidence in Binance and the broader crypto market, as bullish momentum raises expectations of a move toward $1,300.
Bulls Extend Their Dominance
The rally follows several weeks of steady gains, with BNB rising more than 17% last week and over 40% in the past month.
Momentum has been driven by expanding activity on Binance Smart Chain, rapid growth in decentralized finance (DeFi) usage, and renewed institutional inflows into digital assets.
Meanwhile, Binance continues its regular token burns while broadening Web3 services, including NFT staking and cross-chain infrastructure, reinforcing BNB’s role as more than just a speculative asset.
The token’s utility for payments and as a protocol gas token in DeFi has become a defining feature of its long-term strength.
Traders are positioning for ecosystem-driven growth, helping BNB sustain the rally even as the broader market consolidates.
With global crypto market capitalization approaching $4 trillion again, BNB’s performance stands out as a sign of investor resilience and renewed trust.
BNB Chain Network Activity Surges
Beyond the price breakout, on-chain metrics for BNB are hitting record highs.
Monthly active addresses on BNB Chain have doubled year-to-date, surpassing 60 million addresses—an indicator of accelerating adoption.
Total value locked (TVL) in BNB-based protocols has climbed as well, rising from $7.58 billion in late September to $8.69 billion in early October, the highest level since mid-2022.
These metrics highlight increased user engagement and capital deployment across the Binance ecosystem.
Derivatives activity also reinforces the bullish tone: BNB futures open interest reached a new peak of $2.57 billion, according to CoinGlass data, indicating fresh leveraged capital flowing into long positions.
This accumulation of positions lends weight to expectations for continued upside as traders bet on higher prices.
Technical Outlook Points Higher
From a technical perspective, BNB has cleared several key levels.
After bouncing from support near the 61.8% Fibonacci retracement at $948.45, the token climbed more than 24% in just six days, breaking past $1,192 before setting the recent ATH.
Analysts are targeting $1,229.80 next, followed by the 161.8% Fibonacci extension around $1,301.91.
Indicators support this view: the Relative Strength Index (RSI) sits at 73.58 and remains upward, while the MACD has recently crossed bullishly.
Despite the bullish setup, analysts warn that pullbacks cannot be ruled out, especially with the RSI in overbought territory.
If BNB retraces, market analysis points to $1,191 as the first major support level to watch; failing to hold that zone could push prices lower toward $1,079.
Nonetheless, market sentiment remains overwhelmingly positive, with BNB demand backed by both technical strength and continued ecosystem growth.