Binance Coin price has been in a strong rally this year, making it one of the top altcoins in the crypto industry. BNB price crossed the important resistance level at $1,000 for the first time in September. So, can it jump and hit $1,500 this Uptober?
Why Binance Coin Price Has Surged This Year
Binance Coin price has been in a strong surge in the past few years. It has jumped from a low of $186 in December 2022 to over $1,000 today.
The rally happened as the network continued to fire on all cylinders after the recent upgrades. For example, data shows that the BNB Smart Chain (BSC) handled over 403 million transactions in the past 30 days, a 58% increase. This growth made it one of the fastest-growing networks in the crypto industry.
The BSC Chain also had over 37 million active addresses, while its network fees jumped by 100% to $21 million in the same period. These numbers occurred as the network expanded across all sectors.
For example, BSC is still a major player in the decentralized exchange (DEX) industry. Its DEX networks handled over $90 billion in volume in the past 30 days and $3.38 billion in the last 24 hours.
BSC is also a major player in the perpetual DEX industry, where its protocols handled over $14 billion in the last 30 days. The biggest players in its perpetual DEX networks are MYX Finance, PancakeSwap, and THENA.
Meanwhile, BSC has a significant market share in the stablecoin industry, with its supply surpassing $14 billion. Most importantly, BNB is highly deflationary as it burns tokens worth billions of dollars annually.
Will the BNB Price Hit $1,500 in October?
The weekly chart shows that the BNB price has been in a strong bull run. It recently moved above the important resistance level at $790, its highest level on December 2.
The coin has maintained above the 50-week and 100-week Exponential Moving Averages (EMA). Additionally, the Relative Strength Index (RSI) has continued to rise, indicating that the coin has momentum.
Therefore, the upcoming approval of the BNB ETF may help push it higher in October. This, combined with purchases by treasury companies, may help drive its price up by about 36% to $1,500 this month. A drop below the support at $790 will invalidate the bullish forecast.
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