The Binance Coin price remains in a deep crash this week, even as the BSC growth accelerates. The BNB price dropped to $875, down sharply from the all-time high of $1,371. So, will this coin rebound as the transactions jump?
BSC Transactions are Soaring
The BNB price has dropped amid the ongoing crypto market crash, which has affected most cryptocurrency tokens. Still, data compiled by Nansen shows that the BNBChain network is doing well, with its transactions and fee collections rising.
BSC’s transactions jumped by 136% in the last 30 days to over 587 million. This growth made it the fourth-fastest-growing network in the crypto market after Sonic, Plasma, and Optimism.
Its transaction count makes it the second most active network after Solana, which handled over 1.8 billion transactions in this period.
READ MORE: Pi Network Price Prediction: Is the Pi Coin Tide Turning?
More data shows that the network’s fees have also surged. It rose by 176% in the last 30 days to over $67.2 million, slightly lower than Solana’s $69 million. The number of users has jumped by 3.3% to $37.9 million.
These numbers are highly bullish for BNB’s price because they indicate robust utility. Also, rising fees mean the network’s burn rate will accelerate in the coming months, since it burns most of the fees it generates.
BSC’s fee growth is largely driven by the ongoing growth of stablecoin. Artemis data shows that the stablecoin supply in the network has jumped by 6.3% in the last 30 days to over $14.1 billion. Stablecoin addresses rose by 33% to 11.2 million, while the adjusted transaction volume rose by 20% to $263 billion.
BSC’s fees are also coming from the decentralized exchange (DEX) industry, where its protocols handled over $113 billion in volume in the last 30 days.
BNB Price Technical Analysis
The daily timeframe chart shows that the BNB price has crashed in the past few days, moving from a high of $1,345 to the current $927.
Binance Coin price has moved below the 50% Fibonacci Retracement level, a sign that bears are in trouble. It formed a double-top pattern, with the neckline at $875, and moved below the 50-day moving average.
The BNB token is also slightly above the strong pivot point of the Murrey Math Lines tool. Therefore, it may drop to the ultimate support at $750 before resuming the uptrend.
READ MORE: XRP Price on Edge Ahead of Ripple Swell Event and Bitwise ETF Launch
