Binance Coin (BNB) price has surged above $245 this week as Blackrock’s Bitcoin ETF filling raised hopes of crypto regulatory clarity. Can the resilient long-term investors hold the $230 support zone? 

This week, Binance Coin (BNB) has emerged among the big gainer in the top 10 crypto rankings. After a turbulent start to the month, on-chain data shows that crypto stakeholders have again begun to deploy transactions on the BNB chain. 

Can the bulls build momentum after this week’s 7% price surge? 

BNB Long-term Loyalists Have Remained Resilient

On-chain data reveals that most long-term BNB holders stopped selling once the price dropped below $275 on June 5. Indicatively, between June 4 and June 22, BNB Mean Coin Age surged 15% from 65.39 to 75.47. 

Mean Coin Age evaluates the trading sentiment among long-term investors by computing the average number of days that coins in circulation have spent in their current wallet addresses. 

When it rises significantly, it indicates a network-wide accumulation trend. Hence, the chart above signals the current prices are unfavorable for most long-term holders. 

If they continue to hold out for more profitable positions, BNB price will likely enter recovery mode in the coming weeks. 

Crypto Users are Returning to the BNB Chain Ecosystem 

The BNB chain ecosystem has witnessed intense Fear, Uncertainty, and doubt (FUD) fuelled by the SEC lawsuit against Binance and C

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Author: Ibrahim Ajibade

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