During Friday’s U.S. market session, the cryptocurrency market recorded a notable inflow as Bitcoin price teased an upside breakout from $100k. As bullish momentum spread to the altcoin market, the BNB price managed to sustain above-key EMA support amid its lead in Blockchain fee. Is Binance coin heading for a new high?
Key Highlights:
- Amid the formation rising wedge pattern, the BNB price recovery eyes an $820 rally.
- Multi-rejection candles at the $731 level create a high supply zone against BNB buyers.
- BNB Chain led the blockchain fee rankings, recording an impressive $5.8 million in daily fees,
BNB Chain Outshines Competitors in Blockchain Fee Revenue
On February 13, 2025, BNB Chain dominated blockchain fee rankings, recording an impressive $5.8 million in daily fees. This figure positioned it well ahead of Solana, which generated $3.3 million and put it more than five times ahead of Ethereum in terms of fees collected.
The surge in activity was largely attributed to PancakeSwap, a leading decentralized exchange (DEX) operating on the BNB Chain. PancakeSwap led all DEXs in trading volume that day, driving substantial network traffic and boosting transaction fees.
The surge in BNB chain daily fees highlights growing demand and utility, which could bolster the current recovery trend.
BNB Price Nearing Key Resistance Breakout For $820 Rally
In the last two weeks, the BNB price showed a V-shaped recovery from $557 to $668 level, accounting for a surge of 20%. This recovery, backed by increasing volume, hints at strong conviction for buyers as it managed to reclaim key daily EMAs (20, 50, 100, and 200).
The Binance coin price sustaining above EMA support should restore the recovery sentiment in the market participants to drive a higher rally. With sustained buying, the altcoin price could breach the overhead resistance of $733 and chase a high of $820.
The potential upswing will show a bull cycle within the formation of a rising wedge pattern in the daily chart. Since mid-December 2023, the chart setup guided a steady uptrend in BNB price, resonating within two converging trendlines.
Also Read: XRP Price Eyes Breakout as SEC Acknowledges Grayscale’s ETF Filing
