BNB, the native token of BNB Chain, is challenging the critical $700 resistance level following significant supply reductions through token burns and notable growth in network activity. Market data reveals BNB has traded consistently between $630 and $690 since early May, with a brief retreat to $600 on June 23 reinforcing an ascending triangle pattern—a technical formation signaling accumulation.
The 32nd quarterly token burn eliminated 1.59 million BNB from circulation, actively tightening supply. Concurrently, active network addresses surged dramatically from 500,000 in mid-April. Technical indicators reflect building bullish momentum, with the Relative Strength Index (RSI) at 67 nearing overbought territory and the Moving Average Convergence Divergence (MACD) maintaining positive positioning. Traders caution, however, that short-term pullbacks are possible.
A decisive breakout above $700 backed by strong trading volume could propel BNB toward the $730–$745 range. Crucial support levels rest between $625–$635 and $615. While fundamentals and technicals align for potential upside, sustained momentum remains contingent on volume confirmation and defense of these key support zones.