The price of BNB could break through $700 as stablecoin and DEX activities surge.

BNB maintained stability around the $674 mark during Tuesday's trading session, after three consecutive days of bullish movement. Signals from on-chain data and technical analysis indicate that the upward trend may continue, as BNB has just broken out of a symmetrical triangle pattern. At the same time, the trading volume on decentralized exchanges (DEX) and the circulation of stablecoins are both reporting a rise to the sky, further strengthening the positive outlook for this coin.

The on-chain data of BNB shows a bullish trend

The value of stablecoins in circulation on the BNB chain has recorded impressive growth, reaching $24.2 billion as of May 21 – the highest number since the beginning of the year (YTD), according to data from the Atermis platform. Although trading volume has slowed somewhat in recent days, activity on the network remains positive thanks to the large number of stablecoins, contributing to promoting the use of the network and expanding the attractiveness of the ecosystem to new users.

! stablecoin activity chart on BNB chain | Source: ArtemisAnother bright spot that reinforces the growth prospects of the BNB ecosystem is the liquidity explosion and growing interest from the trading community. Data shows that on May 21, daily trading volume on BNB DEXs soared to $11.8 billion – the highest level since the beginning of the year, and has been on a continuous upward trajectory since mid-May.

BNB chain DEX volume chart | Source: Artemis## BNB price forecast: Breakout from symmetrical triangle in a bullish trend

On May 8, the price of BNB broke above the symmetrical triangle pattern – a technical structure formed by connecting the highs and lows from January to early May with two converging trendlines. Shortly after, BNB recorded an increase of over 10%, indicating a clear bullish signal. However, the excitement was quickly challenged as the price adjusted down by 4.31% in last Friday's session, before slightly recovering in the following three consecutive trading sessions. As of Tuesday morning, BNB is hovering around the $673.50 mark.

If the current positive momentum continues to be maintained, BNB may advance towards the technical target identified from the symmetrical triangle model at $839.14 – equivalent to the distance between the first peak and trough in the model plus the breakout point. However, this is a theoretical target; in reality, traders may choose to take profits at important resistance areas such as the weekly price range around $709.29 or the peak on February 13 at $732.

! Daily BNB/USDT Chart | Source: TradingViewThe (RSI) Relative Strength Index on the daily chart is currently at 61 and continues its upward trend, indicating that buying is still dominant but has not yet entered the overbought zone – a positive signal for a sustained uptrend. On the contrary, the MACD indicator is showing a convergence between the two moving averages, reflecting the cautious and unclear sentiment from investors.

In a correction scenario, BNB may return to test the nearest support level of the day at $638.68. If a daily candle closes below this level, the bullish argument will be invalidated, and the next support area to watch is the bottom from May 5 at $583.55.

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