BNB Price Hits 7-Month Low—Will 1 Million New Addresses Spark a Rebound?
BNB hit a seven-month low amid a sharp correction, while network activity shows over one million new addresses daily, potentially signaling a rebound.Summary
The price of BNB has sharply corrected, dropping from $900 to near $700, reaching a seven-month low and erasing recent gains. Despite this selling pressure, on-chain data reveals significant network strength, with the BNB network consistently adding over one million new addresses daily, suggesting sustained interest and potential fresh capital inflow to absorb selling supply.
However, derivatives markets remain bearish, showing a significant skew toward short liquidations ($43 million vs. $6 million long). The next critical support level for BNB is identified at $682, where a cluster of long contracts is positioned; a breakdown below this level could trigger further liquidations and accelerate losses.
Technically, BNB is trading near $698, and a failure to hold $682 could lead to a drop toward $650. A sustained recovery depends on new capital offsetting bearish sentiment, with a move above $768 needed to invalidate the current bearish outlook.
(Source：BeInCrypto)