BNB forms a rare bullish pattern as Binance catalysts rise

Binance Coin price continued its strong comeback thanks to increased volumes on decentralized exchanges, high non-fungible token sales, anticipation of Changpeng Zhao’s launch, and positive technicals.

Binance Coin (BNB) price rose to $616 on Friday, September 27, reaching its highest point since June 27.

Data shows that the BNB Smart Chain ecosystem is evolving. According to CryptoSlam, NFT sales have increased nearly 40% over the past seven days to $4.1 million. Its weekly increase was the second largest after Bitcoin, which rose 78% to $21.8 million.

The most popular NFTs on the chain were Luxewalker, Primary Energy Pool, AkitaNFT, and Paraluni Perpetual Bond.

Further data revealed that volume on BNB’s decentralized exchange has increased by 52% in the last seven days to $5.2 billion. BNB has become the third largest blockchain for DEXs, behind Ethereum and Solana, which processed $8.45 billion and $6.53 billion worth of transactions respectively.

The largest BNB DEX networks were PancakeSwap, Dodo, and Uniswap, which processed tokens worth $4.4 billion, $364 million, and $247 million, respectively.

The total locked DeFi value of BNB has increased by over 13% in the last 30 days; this outperformed Ethereum, Solana, and Tron.

Another catalyst for Binance Coin’s rise is the growing expectation for Changpeng Zhao to be released after serving his four-month prison sentence. Zhao is the largest holder of BNB, with the top ten wallets holding 75% of the tokens. Analysts expect BNB and other cryptocurrencies to make a strong comeback once released.

CZ will be released today after spending four months in federal prison.

Let’s send all crypto to Mars

— Whale (@WhaleFUD) September 27, 2024

BNB price formed an inverse H&S pattern BNB price chart | Source: TradingView

Meanwhile, Binance Coin has formed a rare bullish chart formation that could take it higher. It has created an inverted head and shoulders pattern, shown in blue in the chart below. On Friday, BNB’s price was close to the neckline.

It also formed a small bullish flag pattern, which is a popular continuation signal. It also remains above the 50-day and 100-day Exponential Moving Averages. Therefore, a break above the key resistance at $617 could signal more gains and potentially push the price to a new year-to-date high of $721, which is around 20% above the current level.