Binance Сoin price has grown by 1700% since the beginning of the year

Analysts from the Santiment resource analyzed the on-chain metrics of the Binance Coin (BNB) token in order to find out howthe current bullish trend is stable.

Binance's current cryptocurrency token rally doesn't seem to be over yet. This is the conclusion reached by Santiment analysts in their study.

To understand how overheated the market is, experts analyzed several indicators at once:

• social volumes;
• social domination;
• number of active addresses;
• calculation of profit and loss;
• transaction volumes;
• MVRV index;
• whale activity.

Analysts concluded that despitelack of on-chain activity, the BNB rally is unlikely to peak. So, for example, the number of BNB wallets that interact with the token at least once a day does not grow even despite the price pump.

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On the contrary, their number is slowly decreasing. On-chain activity indicates bearish divergence, according to Santiment.

It is noteworthy that the social volume (mention of the coin on the network) correlates with the price. Looking at both off-chain charts, one might get the impression that BNB is indeed at the top of the rally.

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However, only two off-chain charts speak about the price maximum. The indicators within the blockchain network, as in the case of the activity of wallets, show that the peak has not yet been passed.

Let us remind you that the price of the token in the BNB/USDT trading pairupdates historical highs. At the time of writing, BNB is trading at $578, and the token’s capitalization has jumped to $91.2 billion. The historical maximum is set at $638.

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Especially for beginners, we have prepared a detailed guide: How to buy BNB tokens for rubles?

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