BNB, the native token of Binance, is maintaining support around $668, buoyed by robust DeFi growth and positive developments in the Binance ecosystem, despite ongoing regulatory pressure and market volatility.
BNB Chain Activity Surges in May
BNB has climbed over 11% in the past month, with bullish momentum fueled by two primary factors:
- The resolution of the U.S. SEC lawsuit against Binance, and
- Explosive growth in BNB Chainās decentralized finance (DeFi) ecosystem.
May saw DEX trading volumes on BNB Chain reach $187 billion, giving it a 36% market share and even surpassing Ethereum in total value transferred, according to data from Dune Analytics. The network also processed 198 million transactions, up 148% from April.
PancakeSwap Outpaces Major Rivals
PancakeSwap, BNB Chainās leading DEX, contributed significantly to this momentum, registering $6.72 million in 24-hour volumeāsurpassing even Circleās revenue in the same period. This suggests growing interest and adoption in BNB-based DeFi protocols.
Binance Alpha Points Drive Ecosystem Engagement
The Binance Alpha Points rewards program was a key growth driver. However, its popularity also attracted bot activity. Binanceās crackdown on automation restored fairness and helped bolster investor confidence.
The cleanup effort further cemented Binanceās commitment to integrity and transparency in user rewardsācritical factors for long-term platform sustainability.
Technical Outlook: Eyes on $790
According to CoinDesk Research, BNB has established:
- Support at $663, and
- Resistance around $691.
If momentum continues and BNB breaks past the $691 resistance zone, analysts anticipate a potential push toward the $790 level. Conversely, a drop below $648 could signal a broader technical correction.
Key Takeaways:
- BNB is up 11% in 30 days, holding steady at $668.
- BNB Chain outperformed Ethereum in May transaction volume and value transferred.
- PancakeSwapās 24-hour revenue eclipsed that of Circle, the USDC issuer.
- The Alpha Points crackdown helped restore confidence in Binanceās ecosystem.
- A breakout could drive BNB to $790, while a drop below $648 may trigger downside pressure.