• BNB’s breakout from the falling wedge pointed to a potential rally toward $800.
• On-chain activity and derivatives data reinforced bullish sentiment despite slowing development contributions.

In a major development, Binance Coin [BNB] has surged above its falling wedge pattern, which often signals a bullish reversal. At press time, BNB was trading at $712.51, reflecting a 1.24% increase over the past day. 

This breakout has sparked renewed optimism among traders, with the next crucial resistance level at $722. A sustained push beyond this level could set the stage for an ambitious climb toward $800.

However, as market conditions remain volatile, questions arise about BNB’s ability to maintain this momentum.

BNB price movement hints at bullish potential

BNB’s price action has been impressive, recovering steadily from its consolidation phase. The breakout from the falling wedge has given traders hope for a bullish continuation.

A move above $722 would not only confirm the trend but could also attract additional buying interest, driving the price toward $800. 

However, if BNB struggles to hold above $722, it risks revisiting the $649 support zone. This makes the next few trading sessions pivotal in determining whether the rally can be sustained.

Growing on-chain activity supports optimism

The BNB Chain has seen its active addresses rise to 751,000, a clear indication of increasing network engagement.

Active address momentum, defined by the crossover of short- and long-term averages, suggests growing investor interest in BNB. 

This uptick in activity reflects not only a potential improvement in fundamentals but also an expanding user base. 

However, maintaining this level of on-chain activity is essential to support further price gains. Therefore, consistent growth in active addresses will be a key factor to monitor in the coming weeks.