Binance Smart Chain (BSC) has recently achieved a new all-time high in daily active addresses, reaching an impressive 3.62 million on October 13th. This significant milestone underscores the network's growing momentum amidst broader market fluctuations and highlights a powerful, evolving correlation between BNB's market price and its on-chain activity.
BNB Network Activity Reflects Price Momentum
BNB has been a standout performer in recent weeks, maintaining robust growth even when the wider cryptocurrency market struggled for stability. Analytics firm CryptoOnchain reported that the surge in active addresses on the BNB Smart Chain closely followed BNB's price peak of $1,311 on October 8th. This synchronized movement marks a departure from historical patterns where network activity and price often fluctuated independently. The current trend suggests that rising prices are directly catalyzing increased user engagement within the BSC ecosystem, likely driven by heightened trading, DeFi interactions, and a general sense of FOMO among retail investors. Sustained participation at these elevated levels could significantly bolster market confidence and provide a strong foundational support for BNB's long-term trajectory.
Price Correction and Key Support Levels Under Scrutiny
Following its rapid ascent, BNB has entered a corrective phase, witnessing an approximate 8.4% price drop to around $1,212. Concurrently, daily active addresses have slightly receded to just under 3 million. This pullback prompts a critical question for analysts: can the network sustain its elevated level of activity through this consolidation? The asset's structural bullishness remains intact as long as it holds above its 50-day moving average, currently positioned near $1,018. This level is crucial, aligning with a prior breakout zone from September. A decisive breach below this dynamic support could pave the way for a deeper retracement toward the $900 mark, where the 100-day moving average offers additional support. Maintaining the psychological $1,000 level is paramount for reinforcing market confidence and allowing the bulls to potentially push towards the $1,200–$1,250 range once momentum recovers.
