- BNB Chain reaches 60 million active addresses, doubling year‑over‑year.
- Open interest in BNB futures climbed to a record $2.57 billion.
- Analysts eye $1,300 as the next price target for BNB, with support near $1,191 in case of a correction.
BNB surged to a fresh all‑time high (ATH) of $1,220.63, extending a strong rally that has captured investor attention and pushed the token to historic levels.
This latest milestone underscores growing confidence in Binance and the broader cryptocurrency market, as bullish momentum bolsters expectations for further gains toward $1,300.
Bulls extend control
The rally follows weeks of steady appreciation, with BNB rising more than 17% last week and over 40% in the past month.
That momentum was driven by expanding activity on the Binance Smart Chain, a marked increase in decentralized finance (DeFi) usage, and renewed institutional inflows into digital assets.
Binance also continued regular token burns and expanded Web3 services—including staking, NFTs, and cross‑chain infrastructure—strengthening BNB’s role as more than a speculative asset.
The token’s utility across payments and DeFi protocols has become a defining factor in its long‑term strength.
Traders are increasingly positioning around this ecosystem‑driven growth, helping BNB sustain its rally even as the broader market consolidates.
With the global crypto market once again approaching a $4 trillion valuation, BNB’s performance stands out as an indicator of resilience and investor confidence.
BNB Chain network activity rises
Alongside price gains, on‑chain metrics for BNB reached record highs.
Monthly active addresses on BNB Chain doubled since the start of the year, topping 60 million as adoption accelerated.
Total value locked in BNB‑based protocols also jumped sharply, rising from $7.58 billion at the end of September to $8.69 billion in early October—the highest level since mid‑2022.
These figures highlight growing user engagement and capital deployment within the Binance ecosystem.
Derivatives activity also confirmed the bullish tone, with open interest in BNB futures reaching a new peak of $2.57 billion, according to CoinGlass data, signaling fresh leveraged capital flowing into positions.
This accumulation of positions adds weight to expectations of 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 six days, surpassing $1,192 and reaching the recent ATH.
Analysts now see an immediate target at $1,229.80, 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 continues to trend upward, while the MACD recently flashed a bullish crossover.
Despite the strong setup, analysts warn that corrections are possible, especially with the RSI now in overbought territory.
If BNB pulls back, market analysis points to $1,191 as the first key support level to watch. A failure to hold that zone could push the price lower toward $1,079.
Nevertheless, market sentiment remains largely positive, with demand for BNB supported by both technical strength and ecosystem growth.