BNB saw renewed volatility after pulling back from an August high near $900, testing bullish demand and short-term resistance. In the most recent 24-hour session the token traded between $849.88 and $868.76, a move that began with a failed breakout attempt around $867–$868.
On-chain data paints a mixed picture. Daily active wallet addresses on BNB Chain more than doubled to roughly 2.5 million, according to DeFiLlama, signaling stronger user engagement. At the same time, transaction volumes on the chain have slipped since late June, suggesting activity is increasingly transactional rather than value-heavy.
Institutional flows are adding another dynamic. Late‑August SEC filings from REX Shares and the launch of B Strategy — a corporate treasury vehicle backed by Binance co‑founders Changpeng Zhao and Yi He that could hold up to $1 billion in BNB — have raised expectations of sustained demand while also introducing headline risk.
Technical snapshot
A CoinDesk Research technical model identified the $867–$868 band as meaningful resistance. Volume jumped to about 72,000 BNB during the attempted breakout, above an average near 54,000 BNB, indicating heavy participation in the move that ultimately failed. After the rejection BNB retraced into the $850–$855 zone and found buying interest near $851.40, an area that produced a visible volume response and underlined buyer support at lower levels.
Macro developments complicate the picture. Upcoming U.S. manufacturing and services surveys, plus August payrolls, could influence the Federal Reserve’s September decision; CME FedWatch currently favors a roughly 90% probability of a 25 bps cut and Polymarket prices show about an 82% likelihood. Those outcomes often affect risk assets, including crypto.
What this means for traders: rising active addresses point to stronger on-chain engagement, but falling transaction volumes and failing breakouts show price momentum is fragile. Watch whether on-chain user growth translates into higher transaction value and whether BNB can reclaim the $867–$868 resistance. Market volatility is elevated — manage position sizing and be mindful of macro catalysts that can amplify swings.
Source: CoinDesk. Read the original coverage for full details.