• BNB records major growth in unique address count in the market, trending higher.
• On the daily chart, traders with close stop-orders could be forced out of their positions, triggering a potential rally.

In the past 24 hours, the market movement hasn’t been in complete favor of bullish traders, as it declined by 3.57%.

AMBCrypto found that this decline could have been forcibly triggered by investors with notable holdings, and a buyback could resume, potentially putting Binance Coin [BNB] among the top market gainers.

BNB adoption gradually grows

Over the past 24 hours, BNB adoption in the market has grown significantly. Unique addresses reached a record 539 million. This reflects an increase of 268,000 from the previous day’s level.

Unique addresses are those interacting with the BNB Smart Chain for the first time. This includes receiving or sending BNB. They are often treated as an estimate of users on the chain.

The growth in unique addresses may be linked to trading BNB in the past 24 hours. Users either purchased or received the asset during this time.

Additionally, the number of transactions on the chain increased significantly. It reached 4 million within the same period, indicating higher participation. This contributed to the asset’s overall growth.

On the chart, AMBCrypto found that BNB is shaping up for a major push to the upside in the market as it trades in a historic buy zone.

Historic zone—Will ‘paper hands’ be forced out?

On the daily chart, BNB has traded into a key support level, forming a bullish triangle pattern, hinting at a major rise on the horizon.

This level is of interest because the first two times the asset traded into this zone, it led to a major price push to the upside.

However, in the last two instances, it has triggered liquidity sweeps—or stop hunts. In these cases, the price formed a long, downward wick before quickly reversing.

This scenario forces ‘paper hand’ traders out of the market. These traders often have stop-losses near support levels or low conviction.

Meanwhile, large investors take advantage of the situation by accumulating BNB at discounted prices as the market trends lower.

If strong momentum follows this buying activity, BNB could breach the descending resistance line pattern. It might rally 42% to $793, a level last seen in December 2024.

AMBCrypto analyzed the market reaction to these discounted prices. They found that buying sentiment dominated both spot and derivative markets, supporting the accumulation narrative.

Traders see accumulation opportunity in the market

In the spot market, buying activity has been strong. In the past 24 hours, $9.83 million worth of BNB has been accumulated as prices slid lower, bringing the total accumulation over the past three days to $21.04 million.

This accumulation move highlights that traders are buying in large volumes to take advantage of BNB’s low price in the spot market.

The same sentiment exists in the derivatives market, as the Open Interes (OI)-Weighted Funding Rate remained positive.

At the time of writing, the OI-Weighted Funding Rate—a key indicator used to determine market sentiment in BNB’s futures market—showed a bullish outlook. The reading determines market sentiment, showing bullish behavior when above 0% and bearish behavior when below 0%.

At press time, the reading stood at 0.0020%, indicating bullish market activity. Long traders dominate unsettled futures contracts, actively betting on a rally.

If bullish sentiment continues to grow among both spot and derivative traders, it implies that BNB could achieve the projected price jump to its December high.