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BNB shows potential for a rally, driven by recent whale activity and promising upcoming developments.
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This momentum is backed by a significant reactivation of dormant whale funds and a promising upgrade set for March.
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A recent analysis reveals, “The return of this whale could hint at a resurgence of confidence in Binance Coin [BNB],” according to experts at COINOTAG.
BNB is experiencing renewed activity with significant whale movements and a promising upcoming upgrade, suggesting a potential bullish shift.
Price action analysis – Key levels to watch for a potential breakout
At the time of writing, BNB was trading at $596.5, following a modest 0.27% hike in the last 24 hours. A double bottom formation has emerged on the price charts, signaling potential bullish momentum.
The recent price bounce from the support zone near $580 has strengthened this bullish view. If BNB can break above the critical resistance level at $625, it could potentially rally towards $678, confirming a positive outlook.
However, should the price fail to break through this resistance, consolidation or a pullback towards lower support levels may occur. Therefore, keeping an eye on these key levels is essential for assessing the altcoin’s next move.
Source: TradingView
BNB social volume and dominance – Growing attention from investors
While the social volume has been relatively low, with only 41 mentions at press time, its social dominance has risen to 0.55%. This indicates that BNB is gradually gaining traction on social platforms, which signals increasing investor interest.
The uptick in social dominance suggests a potential shift in market sentiment towards BNB. Although this remains smaller compared to larger cryptocurrencies, the increase in social buzz is a positive sign that could further impact its price trajectory.
Source: Santiment
Development activity – Pascal upgrade to Mainnet
Adding to the bullish outlook for BNB is the upcoming Pascal upgrade, which is set to go live on March 20, 2025. This upgrade will introduce the EIP-7702 smart contract wallets, providing several advantages, including gas-less transactions, batch approvals, and one-click swaps, thus facilitating the onboarding of new Web3 users.
These technological advancements are expected to enhance BNB’s utility and significantly bolster its long-term value proposition, potentially driving upward price movement.
Will the whale’s reactivation spark a bullish surge?
While it may be premature to make definitive predictions, the indicators suggest a favorable environment.
If BNB manages to breach key resistance levels, combined with the anticipated Pascal upgrade, it could indeed incite a rally. Consequently, the whale’s recent activation may serve as a crucial catalyst for a bullish surge in BNB in the near future.
