Solana

DeFi

Coin

Binance Coin’s price rally gained momentum as futures open interest reached its highest level since July 7, coupled with an increase in its Decentralized Exchange (DEX) volume. 
The Binance Coin (<a href="https://crypto.news/price/bnb/" target="_blank" rel="noreferrer noopener">BNB</a>) token rose for three consecutive days, hitting a high of $583.90, its peak since July 31. This price movement coincided with a sharp rise in futures open interest. According to CoinGlass, open interest climbed to over $607 million, with significant contributions from Binance, Bybit, and BingX. 
The rally also occurred alongside a surge in volume on the BNB Smart Chain. Data from DeFi Llama shows that 24-hour volume increased by 15% on Aug. 22, reaching $921 million. This growth allowed BSC to surpass Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>), whose volume dropped by 21% to $692 million. 
Most of BSC’s volume growth came from DEX platforms like PancakeSwap, Dodo, Woofi, and Wombat Exchange. However, this was offset by a decrease in volume from other DEX dApps like Thena, BabySwap, and MDEX. 
Still, Solana remains the second-largest DEX chain in the industry after Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>). Over the past seven days, Solana recorded a volume of $6.3 billion, compared to BSC’s $4.2 billion. 
 You might also like: <a href="https://crypto.news/binance-accused-of-acting-as-get-away-driver-in-new-crypto-laundering-lawsuit/"> Binance accused of acting as ‘get-away driver’ in new crypto laundering lawsuit </a> 
Solana also <a href="https://www.cryptoslam.io/" target="_blank" rel="">outperforms</a> BSC in the Non-Fungible Token sector, with $79 million in sales over the last 30 days, while Binance processed $15 million. 
Meanwhile, the number of <a href="https://dappradar.com/chain/bnb-chain?range-cs=24h" target="_blank" rel="">unique active wallets</a> in BNB Smart Chain rose by 3% on Aug. 22 to 414,000. Transactions rose by 8% to 725,000 while the number of dApps in the ecosystem rose to 5,455. 
Another potential catalyst for BNB price could be the anticipated <a href="https://crypto.news/too-harsh-or-too-lenient-changpeng-zhaos-sentence-divides-opinion/">release of Changpeng Zhao</a> from prison in September, which might attract inflows from day traders due to the surrounding hype. 
 You might also like: <a href="https://crypto.news/binance-founder-changpeng-zhao-begins-prison-sentence/"> Binance founder Changpeng Zhao begins his prison sentence in California </a> 
<h2 class="wp-block-heading" id="binance-coin-to-find-resistance-at-603">Binance Coin to find resistance at $603</h2> 
<figure class="wp-block-image size-full">
 <picture decoding="async" class="wp-image-14293351"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Binance-Coin-Price.png.webp"> 
 <img decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/08/Binance-Coin-Price.png" alt="Binance Coin"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Binance Coin price | Chart by <a href="https://www.tradingview.com/symbols/BNBUSD/?exchange=CRYPTO" target="_blank" rel="">TradingView</a>
 </figcaption>
</figure> 
The BNB token has seen a strong rally after bottoming at $400 on Aug. 5. It has turned the resistance at the 50-day moving average into support, while the Relative Strength Index (RSI) has moved above 50, indicating bullish momentum. 
To sustain this rally, bulls will need to push the price above the critical resistance level at $603.63, which corresponds to the highest swing on July 22 and the 23.6% Fibonacci Retracement level. A break above this level could signal further upside, potentially targeting the year-to-date high of $723.

Binance Coin rallies as BSC Chain DEX volume surpasses Solana

Table of Contents

crypto.news

Other articles published on Aug 22, 2024

Doglibre’s Charity, Memereum’s Memes, and MoonBag’s Potential: Uncover the Surprising Secrets Beh...

Tron (TRX) Expected To Hit $1 This Year, but Rollblock Set To Get There First; PEPE Sees Needed G...

42 Million Car Titles Migrated to Avalanche Blockchain

Top Reasons Why Bitcoin (BTC) Price Rally is On Horizon

Proof Bitcoin (BTC) Could Reach New All-Time Highs: Analyst PlanB Predicts 4-7x Price Increase

New 'Japanese' Dogecoin (DOGE) Listing Hits Binance

Join our free newsletter for daily crypto updates!