Binance Coin's price rally gained momentum as futures open interest reached its highest level since July 7, coupled with an increase in its Decentralized Exchange (DEX) volume.
Binance Coin (BNB) price continued its ascent on Aug. 23 as futures open interest hit its highest since July 7, coupled with an increase in its Decentralized Exchange (DEX) volume.
BNB token price rose for three consecutive days, hitting a high of $583.90, its highest since July 31. This price movement coincided with a sharp rise in futures open interest. According to CoinGlass, open interest climbed to over $607 million, with significant contributions from Binance, Bybit, and BingX.
The rally also occurred alongside a surge in volume on the BNB Smart Chain. Data from DeFi Llama showed that 24-hour volume increased by 15% on Aug. 22, reaching $921 million. This growth enabled BSC to surpass Solana (SOL), whose volume dropped by 21% to $692 million.
Most of BSC’s volume growth came from DEX platforms like PancakeSwap, Dodo, Woofi, and Wombat Exchange. However, this was offset by a decrease in volume from other DEX dApps like Thena, BabySwap, and MDEX.
Solana remained the second-largest DEX chain in the industry after Ethereum (ETH). Over the past seven days, Solana recorded a volume of $6.3 billion, compared to BSC’s $4.2 billion.
Solana also outperformed BSC in the Non-Fungible Token sector, with $79 million in sales over the last 30 days, while Binance processed $15 million.
Meanwhile, the number of unique active wallets in BNB Smart Chain increased by 3% on Aug. 22 to 414,000. Transactions rose by 8% to 725,000, and the number of dApps in the ecosystem increased to 5,455.
Another potential catalyst for BNB price could be the anticipated release of Changpeng Zhao from prison in September, which might attract inflows from day traders due to the surrounding hype.
BNB to face resistance at $603The BNB token has seen a strong rally after bottoming at $400 on Aug. 5. It has turned the resistance at the 50-day moving average into support, while the Relative Strength Index (RSI) has moved above 50, indicating bullish momentum.
To sustain this rally, bulls will need to push the price above the critical resistance level at $603.63, which corresponds to the highest swing on July 22 and the 23.6% Fibonacci Retracement level. A break above this level could signal further upside, potentially targeting the year-to-date high of $723.
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