Key Takeaways
BNB held strong despite a pullback from $900, with Active Addresses, transactions, and Futures metrics showing resilient demand across the chain.
The Binance network saw massive gains throughout August, with Binance Coin [BNB] recording a new all-time high of $900. Since then, it retraced for four straight sessions, slipping to $854 at press time.
Despite the pullback, BNB stayed in a long-term ascending channel, suggesting a bullish structure with routine corrections.
But what’s behind the altcoin’s resilience?
Demand for BNB Chain at record high
Notably, usage of BNB Chain surged sharply over the past four months.
According to analyst Darkfost, the network’s Active Addresses have more than doubled since April, now fluctuating between 2 million and 2.5 million transactions daily, with spikes reaching 3 million.
Source: Darkfost on X
Importantly, most of these addresses were Returning Users, with Artemis data showing 1.5 million retained and 1.8 million new accounts.
Source: Artemis
Typically, when an ecosystem sustains a higher retention rate of actual users, it implies organic demand, a clear bullish signal.
In fact, amid this performance, BNB outpaced other major blockchains. As such, the current adoption rate places BNB ahead of chains like Base, Ethereum [ETH], and Bitcoin [BTC].
On top of that, the chain’s Daily Transactions nearly tripled. Data showed activity consistently fluctuating between 10 million and 14 million transactions per day since June.
Source: DarkfostonX
Demand backed by accumulation
Amid BNB’s resilience came steady accumulation.
According to CoinGlass, Binance Coin recorded negative Spot Netflows for four consecutive days, as buyers kept withdrawing coins from exchanges.
Source: CoinGlass
At press time, Netflow was -$2.66 million, a drop from -$1.57 million the previous day, signaling rising outflows and stronger accumulation.
Futures market holds strong
Interestingly, when examining the Perpetual Futures market, BNB has exhibited a persistent bullish bias.
According to Santiment, Funding Rates stayed positive for two straight months, reflecting optimism.
Source: Santiment
Meanwhile, the altcoin’s Aggregated Long/Short Ratio hovered above 1 for three consecutive months.
According to Coinalyze, this metric stood at approximately 2.5 at press time, where longs accounted for 71.8% of the total Futures contracts.
Source: Coinalyze
Often, when longs dominate, it suggests that Futures traders leaned heavily toward upside bets.
What’s next?
According to AMBCrypto’s analysis, Binance Coin showed resilience on the back of organic demand and a growing user base.
These conditions have positioned BNB for more gains on its price charts. Therefore, if demand exhibited in the market continues to hold, BNB will recover from the recent correction.
A rebound here will see BNB reclaim $885 and retest its ATH at $900. However, if momentum fades and users start declining, the downtrend could prolong with $817 as a key support level.
