Traders Set an $800 Target for BNB Price: 3 Key Factors

The price of BNB has dipped below $600 after experiencing a two-day rally that resulted in a 5.5% increase, reaching a high of $605 on May 9.
Despite the recent pullback, data suggests that BNB’s price remains bullish in the long term. Over the past 30 days, the layer-1 token has surged by 83%, and it has seen a 91% increase in 2024 alone, reaching a multi-year value of $645 on March 16. This rally brought BNB within 7% of its all-time high of $690, which was reached on May 10, 2021.
Since then, BNB has been consolidating within a wide range between $500 and $620, leaving traders wondering when the token will break out towards its all-time highs.
Let’s examine the factors that could potentially drive BNB’s price higher.
Binance, the leading cryptocurrency exchange, maintains its position as the top exchange in terms of market share, even with reduced trading activity in April. Despite the legal issues faced by Binance in 2022, including the imprisonment of its former CEO and a hefty fine, the exchange managed to recover its market share, which grew for five consecutive months between October 2023 and March 2024, exceeding 40%.
Data from CCData indicates that Binance continues to account for the majority of spot volume across centralized exchanges, although its share decreased by 3.69% in April to 33.8%.
This dominance is supported by CoinMarketCap data, which shows that Binance contributed $15.86 billion (24.9%) to the total 24-hour trading volume on all crypto exchanges on May 10. Coinbase came in second with only $3.35 billion, followed by OKX with $2.29 billion.
The increased network activity further supports the potential upside of BNB. BNB’s recent price action has led to increased on-chain activity, highlighting the growing importance of the BNB Smart Chain. Data from DefiLlama reveals that the total value locked on the BNB Smart Chain has increased by 54% in 2024, indicating greater interaction from users and developers.
Additionally, the BNB Smart Chain has handled 5.16 million transactions in the last seven days, surpassing Ethereum’s 1.57 million transactions, according to data from DappRadar. It also boasts more than 5,315 projects built on the blockchain, an 8% increase in the last week. In comparison, Ethereum has 54,572 DApps, and Polygon has 2,087.
Technical analysis suggests a potential 40% increase in BNB’s price. Data from Cointelegraph Markets Pro and TradingView reveals that BNB’s price is consolidating in a “bullish pennant,” indicating a significant breakout towards new all-time highs. Independent analysts have also observed this market setup, predicting another bullish rally.
The key levels to monitor are the upper trendline of the pennant at $610 and $650. The bulls must turn these resistance levels into support before driving the price towards all-time highs at $690 and, ultimately, the technical target of the chart pattern at $800. This would represent a 37% increase from the current price.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment of risk before making any investment or trading decisions.