- The BNB Chain is witnessing a surge in DEX trading volume, indicating a shift in attention back to the blockchain.
- Despite the rise in Total Value Locked (TVL), BNB’s price might fall to $580.
- Increased network participation suggests a rise in BNB’s demand, but the coin has not experienced significant buying pressure recently.
BNB Chain’s DEX trading volume surges, but the price of BNB might not follow suit. The coin’s price could fall to $580 despite the rise in TVL.
BNB Chain’s DEX Trading Volume Surges
For the first time since May 2nd, BNB Chain’s DEX trading volume has climbed higher than $700 million, according to data from Artemis, a crypto metrics analytics platform. This surge suggests a growing user activity on BNB Chain, indicating an increase in BNB’s demand. However, the coin has not experienced significant buying pressure recently. If it does, then a return to $620 might be possible.
BNB’s Price Might Not Follow Suit
Despite the surge in DEX trading volume, BNB’s price might fall to $580. The recent price rise, accompanied by the decreasing volume, suggests weakness in the uptrend. Thus, BNB might have witnessed a false breakout. If this is the case, a downward move to the $580 support could be next for the cryptocurrency.
TVL on Binance Smart Chain
The Total Value Locked (TVL) on Binance Smart Chain was $61.2 billion, according to DeFiLlama. An increase in TVL suggests that participants are confident in the chain’s health and security. However, the metric remains far below the peak it hit in 2021. Should the TVL continue to increase, BNB’s price might also follow. However, the possible prediction of $1,000 might only happen if the metric rises past $10 billion for a start.
Conclusion
While the BNB Chain is experiencing a surge in DEX trading volume, the price of BNB might not follow suit. Despite the rise in TVL, the coin’s price could fall to $580. However, if the TVL continues to increase and surpasses $10 billion, the price of BNB might follow suit and reach $1,000.
