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BNB Price Crosses $330 as Quarterly Token Burn Completes, Are More Gains Ahead? 

3 mins
Updated by Ryan Boltman
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In Brief

  • BNB surged 5% in April, a 20% recovery from the recent price correction on March 11.
  • Daily active addresses have remained steady despite regulatory squabbles. 
  • BNB could surpass $360 before holders begin to sell.
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BNB price is 20% up from March 11, when it dropped below $280 as regulators targeted multiple crypto exchanges. On-chain data reveals steady daily users, while long-term participants on the BNB chain network have remained optimistic. Can BNB shake off the media FUD to reach $350? 

On April 14, the Binance-issued BNB coin completed its 23rd quarterly auto-burn event. The burn saw over 2 million BNB worth about $674 million destroyed. Growth in daily active users and steady hands shown by long-term holders have been major driving factors behind the current rally. 

Having already surged 5% in April, on-chain data suggest that BNB could deliver more gains in the coming weeks. 

BNB Long-Term Investors Are Positioned for More Price Gains

Long-term BNB investors have not waivered in the face of the recent Fear, Uncertainty & Doubt (FUD) surrounding Binance and other crypto exchanges, according to on-chain data provided by Santiment. 

The chart below shows how the Mean Coin Age on the BNB chain network has been in an uptrend since the mid-March blip. 

Between March 9 and April 14, BNB Mean Coin Age increased from 44.30 to 77.53, as the chart below depicts.  

BNB Price vs. Mean Coin Age. April 2023
BNB Price vs. Mean Coin Age. April 2023. Source: Santiment

Mean Coin Age gauges the optimism of long-term holders by multiplying the number of coins held on a network by the number of days spent in their current wallet addresses. Increasing values suggest that long-term investors are growing confident and positioning for future gains. 

Similarly, daily active users on the BNB chain network have remained steady. This confirms that BNB’s bullish prospects have not been negatively impacted by the recent media FUD. 

Since Binance paused trading due to technical issues on March 24, BNB chain daily active users have rebounded by 20%. Between March 24 and April 14, the daily active addresses interacting on the BNB network increased from 3,295 to 3,911. 

BNB Price vs Daily Active Addresses April 2023.
BNB Price vs. Daily Active Addresses April 2023. Source: Santiment

Daily Active Users is an on-chain metric that measures the number of participants interacting on a network. Consistently high levels of Daily Active Users (DAUs) on a blockchain network indicate strong adoption and usage of the network. This is a positive sign for the price prospects of the network’s native coin.  

Considering the optimism among long-term investors, the recent uptrend in Daily Active Addresses could trigger a further BNB price upswing.

BNB Price Prediction: Road to $360

The on-chain MVRVdata provided by Santiment suggests that BNB price could rise to $360 before investors start to book profit. The Market Value to Realized Value (MVRV) data identifies potential buy/sell zones by evaluating the average price at which current holders acquired an asset. 

The chart below shows that most BNB holders are currently sitting on profits of about 20%. The historical MVRV data shows that holders are likely to book profits around the 30% zone. This means that once the price nears $365, BNB could experience a retracement. 

But if BNB breaks past that resistance, the bulls can push the rally toward $387 before holders start a sell-off frenzy. 

BNB Price vs. MVRV(30d). April 2023.
BNB Price vs. MVRV(30d). April 2023. Source: Santiment

Yet, the bears could invalidate the bullish narrative if the BNB price drops below $308. However, the holders could look to end the sell-off and keep their 11% profits. 

If that support zone does not hold, investors can expect a larger drop toward $285 before holders choose to cut their losses once their profits dwindle to 2%.

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Ibrahim Ajibade
Ibrahim Ajibade Ademolawa is an experienced On-chain research analyst who began his career in Commercial Banking. He has worked with several Web3 startups and financial institutions —analyzing technical concepts and spectacular events that link the DeFi and TradFi worlds. He holds a Bachelors’ Degree in Economics and is currently pursuing an MSc. in Blockchain & Distributed Ledger Technologies.