Binance’s current cryptocurrency token rally, binance coin (BNB), doesn’t seem to be over yet. At least this is the conclusion reached by Santiment analysts.
To understand how overheated the market is, experts analyzed several indicators at once:
social volumes;
social domination;
number of active addresses;
calculation of profit and loss;
transaction volumes;
MVRV index;
whale activity.
Analysts concluded that despite the lack of on-chain activity, the BNB rally is unlikely to reach its maximum. So, for example, the number of BNB wallets that interact with the token at least once a day does not grow even despite the price pump.
Source: insights.santiment.net
On the contrary, their number is slowly decreasing. On-chain activity indicates bearish divergence, according to Santiment.
It is noteworthy that the social volume (mention of the coin on the network) correlates with the price. Looking at both off-chain charts, one might get the impression that BNB is indeed at the top of the rally.
Source: insights.santiment.net
However, only two off-chain charts speak about the price maximum. The indicators within the blockchain network, as in the case of wallet activity, show that the peak has not yet been passed.
Recall that the price of the token in the BNB / USDT trading pair is updating its historical highs.
At the time of this writing, BNB is trading at $ 552, and the token’s capitalization jumped to $ 85.3 billion. The all-time high is set at $ 638. Read about how $ 120 million burned out on liquidation of long positions on BNB – read in the material.
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