Binance Chain Activity Surges As DEX Volume Exceeds $100B

The BNB Chain BNB/USD saw a huge growth in activity last month, where daily transactions hit over 16 million in early June compared with 4 million earlier this year, according to Nansen. PancakeSwap accounted for most of the growth, with almost $3 billion in daily volume.

Monthly volume for all BNB Chain-based DEXs hit over $104 billion, and have beaten Ethereum ETH/USD and Solana SOL/USD as per DeFiLlama data.

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The on-chain growth is significant as crypto markets have been cautious lately due to geopolitical uncertainty. After tensions between Israel and Iran grew, Bitcoin BTC/USD briefly fell below $104,000, but BNB wasn't affected and was trading within a narrow range of $645–$658.

Binance traded at $651.28, losing 0.86% on Wednesday.

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Trading and Technicals

According to expert analysis, Binance's chart is showing a series of higher lows, which is an early sign of trend formation. While open interest in BNB derivatives fell 6.9% week-over-week to $750 million, the overall Fear & Greed Index is at 51, indicating that the sentiment has not yet turned bearish.

In the past week, Binance lost over 2.81%, but has gained 1.87% over the past month. Binance's 24-hour volume is $1.71B, and its market cap is at $92.23B. It is trading above the critical $650 support, which is a sign of strength after successfully finding support at the 200-day moving average at $645. The Moving Average Convergence Divergence (MACD) is bullish, and the Relative Strength Index (RSI) is mid-range, indicating space to move higher before becoming overbought.

Binance picked up momentum after the recent breakout above the 200-day MA, which shows a shift in the market structure. Traders see the $645–$650 range as the area of accumulation, and the next resistance is at $700. If it is broken, technical targets can go up to $750 and $800.

Binance price is moving into a familiar bullish pattern where previous resistance is now acting as support. $650 is now a technical and psychological level with trendline support behind it. There is a lower floor at $620, and the bulls will likely defend that area in case the price is rejected at the $700 ceiling.

The Long/Short Ratio is 1.70, where 63% of positions are long. Although bulls are still in control, the ratio has started to fluctuate, which shows uncertainty. Traders seem to be waiting for a clear breakout above $700 before increasing their exposure.

The buyers have been able to defend $625, which validates an uptrend. If there's no clear move above $700, BNB could stay range-bound in the short term. If the bulls manage to set the level as support, there could be a push towards $750 or even $800. A rejection can bring the price back to the $620–$625 zone.

Binance is technically sound with a growing user base, strong DEX activity, and good price structure. It needs a firm breakout to transition from consolidation into trend acceleration.

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