Binance Coin's price remained in a tight range on Monday, even as the network outperformed ethereum in a key metric.
Binance Coin (BNB) fell to $685, down 6.50% from its weekend high as Donald Trump's inauguration continued.
Data shows that the daily volume of decentralized exchanges on the BNB chain surpassed that of ethereum (eth) on Monday. According DeFi CallThese DEX networks processed over $5.7 billion in sales, surpassing ethereum's $5.05 billion.
This volume made BNB Chain the second largest network by DEX volume after Solana, which handled $25.3 billion. Daily volume on the BNB chain marked its largest increase since March 2021.
PancakeSwap led the gains with over $5.24 billion in volume, followed by platforms such as THENA, Uniswap, DODO, and Woofi.
The ethereum network has faced challenges in recent months as more traders migrate to Layer 2 networks such as Base, Arbitrum and Optimism. For example, Base, launched by Coinbase in 2023, recorded weekly volume of $14 billion, trailing ethereum's $21 billion.
The next key catalyst for BNB price will be the token burn, planned for the coming weeks. According to BNB Burn, the 30th auto burn will incinerate 1.64 million tokens valued at over $1 billion.
The network burns over 1.5 million tokens quarterly, and the amount of burning is determined by the price of BNB and the number of blocks produced. The ultimate goal is to reduce the total BNB supply from 144 million to 100 million tokens.
BNB Price Analysis
<img decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2025/01/BNB-price-2.png” alt=”BNB price chart”/>
The weekly chart shows that Binance Coin price has performed well in recent years, rising from $188 in 2022 to $690. It has consolidated near the top of the cup and handle pattern, a popular bullish indicator.
BNB has also moved above the 50-week and 100-week moving averages, which are bullish signals. Furthermore, the Relative Strength Index and MACD indicators have shown bullish momentum.
As a result, the coin is likely to experience a strong bullish breakout in the coming months. Based on the cup and handle pattern, BNB could rise to cross the crucial resistance levels of $1,000 and $1,135.
