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BNB Transactions Jump 150% to 15 Million as Price Eyes $700
- BNB daily transactions surged 150% to 15 million, with active addresses nearing 2 million since early May.
- Derivatives volume increased by 63.8% to $630.92 million; options volume soared by 102.7% to $2.37 million.
- BNB price holds support at $652 and faces resistance at $700; long/short ratio is at 1.70.
- Daily transactions for BNB rose from 6 million to over 15 million since early May, signaling growing utility and user engagement.
- BNB was trading at $652 with a slight intraday weakness of 0.09% at press time.
- Long/short ratio on Binance stands at 1.70, with 63.02% of accounts holding long positions.
- Fluctuations in the long/short ratio suggest uncertainty and potential limitations for BNB's near-term breakout.
- Derivatives trading saw a significant increase, with volume surging and options activity jumping notably.
- Options open interest rose by 47.29%, indicating heightened hedging or speculative activity.
- Stability in long dominance might impact BNB's ability to make substantial price movements in the foreseeable future.
- BNB's price remains above a key trendline, with resistance at $700 and support at $625; balanced momentum observed.
- Market interest in BNB is growing, as reflected by rising network activity, solid support levels, and increased derivatives engagement.
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