Binance Records 384K USDT Transactions on Tron, Indicating Increased Platform and Network Usage.
BNB is trading in a bullish wedge pattern, which could target $690 if it breaks above resistance with strong volume.
Binance Coin [BNB] is trading down 1.5% in the past 24 hours and 2.86% on the weekly chart. However, the mild decline has not shaken investor confidence — on-chain growth continues to show strong signals.
Binance Inflows Go Parabolic — What’s Going On?
CryptoQuant reveals a significant increase in cryptocurrency inflows, most of which are related to Binance, the cryptocurrency exchange behind the BNB token.
Binance reportedly recorded 384K USDT transactions on the Tron platform, surpassing the combined volume of Bybit and HTX.
Typically, such high inflows indicate increased usage of BNB for processing transactions on the platform and across Binance Smart Chain.
Analysis shows that market participants may interpret this as a bullish indicator as the number of on-chain addresses has increased significantly.
At press time, the number of new on-chain addresses has grown by more than 17% to over 802,800. However, these new addresses are not making large transactions, and the transaction volume analysis shows a slight decline of 1.2%.
One possibility is that these new addresses bought BNB during the cooling of the broader market, which led to the decline in trading activity.
Spot sellers disappear, holdings rise
Spot market activity has continued to decline over the past few days. On June 16, the sell-side transaction volume was close to $6 million. At press time, it has shrunk to just $1.57 million.
When the sale volume of an asset declines amid rising adoption, it usually indicates that investors prefer to hold rather than sell.
Meanwhile, derivatives traders remain confident. The OI-Weighted Funding Rate remains positive, indicating that long positions are paying off.
BNB Market Trend Remains Strong
Market analysis shows that BNB is currently within a bullish pattern defined by a horizontal support level and a descending resistance line.
Despite the selling pressure, the asset continued to rise, forming a green candle after rebounding from the support level.
Based on historical trends, if BNB reaches the resistance line and gains enough momentum, it may break out and rally to $690.
