PancakeSwap price (CAKE) surged 34% in the past 24 hours, trading at $3.58 at press time. The rally coincided with Binance Coin (BNB) setting a new all-time high of $1,167 on October 3, lifting sentiment across the BNB Chain ecosystem.
CAKE’s daily low of $2.65 marked a dramatic rebound, fueled by soaring trading volume that surpassed $900 million, up +1,066% over the last day. The momentum has placed CAKE among the day’s top crypto gainers, outpacing cryptos like Zcash (ZEC) and Ether.fi (ETHFI).
BNB Ecosystem and Record PancakeSwap Volumes
BNB’s rally has been a crucial catalyst for the sharp increase in the price of PancakeSwap today. As BNB Chain’s flagship decentralized exchange, PancakeSwap captures nearly 50% of the chain’s DEX volume. With daily DEX transactions topping $3 billion, CAKE has directly benefited from rising fee revenue and increased trading activity.
On-chain data from Token Terminal shows that PancakeSwap generated $49.7 million in revenue over the past 30 days, surpassing all other decentralized exchanges with a 28.7% market share. Meanwhile, the protocol posted a record $772B in Q3 trading volumes, according to new reports, marking its third consecutive quarterly record.
Adding to the bullish backdrop, PancakeSwap recently expanded its Stock Perpetuals product suite, allowing users to trade big-tech names like GOOG, META, NVDA, AAPL, AMZN, and TSLA with up to 25x leverage.
PancakeSwap Price Eyes $5, With $3 as Key Support
From a technical perspective, CAKE’s breakout above $3.5 signals renewed bullish momentum. Analysts highlight a forming ascending triangle pattern, with a technical target around $5 if the breakout holds.
Emilio Crypto Bojan noted that if CAKE reclaims $5, traders could eye profit-taking at $8. However, he warned that “a drop under $3 flips control to shorts.”
Meanwhile, Bitcoinconsensus flagged the ascending triangle, reinforcing that “big moves are on the horizon” for PancakeSwap price. An ascending triangle is a bullish continuation pattern that forms during an uptrend, indicating that buyers are gaining strength.
The short-term outlook for CAKE appears favorable due to its strong fundamentals, active trading, and positive technical indicators. However, for CAKE to surpass $5 and reach its all-time high of $44, it requires continued adoption, growth within its ecosystem, and favorable market sentiment.
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