BNB Active Addresses Reach Historic 3.62 Million Amidst Market Challenges
BNB has shown strong performance recently, even as the broader crypto market struggles. Key metrics indicate sustained momentum and network expansion. On October 13th, BNB Smart Chain (BSC) reached a record 3.62 million daily active addresses.
- BNB's price peaked at $1,311 on October 8th.
- Increased user engagement across BSC is linked to this price rise.
- Sustained activity above current levels could strengthen BNB's long-term trend.
Correlation Between BNB Price and On-Chain Activity
Recent data shows a new phase of correlation between BNB’s price and active addresses. Historically independent, these indicators now move in sync, suggesting FOMO-driven user participation.
- BNB price corrected to about $1,212; active addresses dropped below 3 million.
- Maintaining activity above 3 million could support BNB's price.
BNB Price Tests Key Support After Correction
BNB experienced an 8.4% drop, closing near $1,049. Despite this, it remains structurally bullish if it holds above its 50-day moving average ($1,018).
- A loss of this support could lead to a deeper retracement toward $900.
- If BNB stabilizes above $1,000, bulls might push toward the $1,200–$1,250 range.