BNB edges toward key resistance as 1.59 token burn fuel bullish momentum

BNB price is testing key resistance near $700, signaling a potential breakout fueled by a recent token burn and rising active addresses.

Binance Coin (BNB) has been trading within a range between approximately $630 and $690 since early May, with a brief drop to the $600 level on June 23 that quickly recovered. That drop tested the lower trendline support, reinforcing the ascending triangle pattern, which features a relatively flat horizontal resistance around $685 – $700. The price is currently testing this level, trading at $686, after wicking as high as $695 today.

This time, BNB may be poised for a breakout, supported by multiple bullish catalysts. First, BNB Chain recently completed its 32nd quarterly token burn, permanently removing 1.59 million BNB from circulation. This reduction in supply is typically seen as a bullish driver, as it increases the token’s scarcity.

Secondly, BNB’s active addresses have been rising steadily since mid-April, climbing from around 500,000 to over 1 million by early June, according to Glassnode data. While there has been a slight pullback recently, current levels remain elevated — hovering between 900,000 and 1 million — well above the March lows of around 400,000.

If BNB price breaks above the $700 horizontal resistance with strong volume and follow-through, it could trigger a move toward the $730–$745 zone — a key area where the price faced multiple rejections during previous rallies, before the current ascending triangle pattern began forming. On the downside, immediate horizontal support lies at $625–$635, followed by weaker support around $615, and then the ascending trendline support near $600.

Momentum indicators support the bullish case. The RSI is at 67, approaching overbought territory, which could lead to a brief pullback or consolidation, though there’s still room for a breakout above the trendline. The MACD also remains bullish, with the MACD line above the signal line and the histogram printing rising green bars.

To sum it up, a confirmed breakout above $700 with strong volume could drive BNB toward $730–$745 in the near future. However, watch for potential short-term pullbacks near overbought RSI levels before continuation.