- Binance Smart Chain overtook Solana in DEX volume, securing the top position with increased trading activity.
- Capital from MGX and rising interest in BSC-based tokens contributed to Binance Smart Chain's growth.
- BNB gained 11.90%, with technical indicators suggesting sustained momentum and potential resistance near the $650 mark.
The cryptocurrency market remained largely fixed over the weekend, with digital assets showing restricted activity. However, Binance Coin saw marked gains, emerging as one of the top-performing large-cap assets.
Binance Smart Chain Leads in DEX Volume
The statistics from DefiLlama reveal that Binance Smart Chain (BSC) passed Solana regarding decentralized exchange (DEX) volume. Solana saw growing popularity because of its intensive transaction performance, which surpassed Ethereum and other blockchain platforms during the previous few months.
However, the latest figures have placed BSC in a better position than before and now it occupies the first place in terms of DEX trading volume. The market domination witnessed by BSC has labeled it as a highly effective player in decentralized trading; this has been as a result of a boost in trading activity and enhanced inflow of liquidities.
Key Drivers Behind BSC’s TVL Growth
One of the primary factors behind BSC’s rapid rise is a significant investment from Abu Dhabi-based MGX into Binance. This influx of capital has contributed to increased network activity, strengthening BSC’s position in the market.
Additionally, the recent surge in BSC-based tokens, particularly Mubarak and Mashalla, has further driven trading volume. These tokens have gained traction among traders, mirroring past trends observed on other networks. Solana previously experienced a similar rise, but its momentum slowed following multiple memecoin-related incidents.
BNB Current Market Performance
According to CoinMarketCap data, BNB traded at $630.31, rising 11.90% over seven days. The market cap stood at $89.8 billion, increasing 3.83%. The 24-hour trading volume reached $1.82 billion, up 27.67%. The circulating supply remained at 142.47 million BNB. The price peaked at $631.9. The 24-hour volume-to-market cap ratio stood at 2.03%, reflecting trading activity.
Tracking the technical indicators, The MACD indicator on the chart shows the MACD line at 7.2, above the signal line at -7.5, indicating growing momentum. The histogram reflects positive bars, signaling potential bullish strength. The RSI stands at 55.85, moving above the 43.51 support level, suggesting increasing buying pressure.
A continued upward RSI movement could indicate further price gains. If buying momentum sustains, resistance near $650 could be tested. A drop below $600 may indicate weakening momentum. The MACD crossover confirms positive sentiment, supporting further upside movement.