Binance Coin Surges to $794 Amid Strong Fundamentals and Technicals  

• Binance Coin climbed to $794, showing 220% growth over the past year, outperforming Bitcoin and Ethereum.  
• The DeFi ecosystem on Binance Smart Chain now locks nearly $6 billion, enhancing BNB’s value proposition.  
• Recent technical analysis points to a possible 70% rally, with potential targets above $1,170 for Binance Coin.  

Binance Coin (BNB) has reached an all-time high of $794, bolstered by sustained growth in fundamentals and technical strength. The cryptocurrency has delivered a 220% gain over the past 12 months, outpacing Bitcoin’s 133% and Ethereum’s 71% rise. This achievement reinforces BNB’s position as a leading digital asset.  

Changpeng Zhao, Binance’s founder, responded to an X post highlighting this performance, emphasizing the importance of assessing long-term trends rather than focusing on short-term volatility.

Defi Growth Drives BNB Value  

The Binance Smart Chain (BSC) ecosystem has been pivotal in BNB’s rally. The total value locked (TVL) in BSC’s decentralized finance (DeFi) protocols has surged to nearly $6 billion. This positions BSC as the fourth-largest blockchain network, trailing only Ethereum, Solana, and Tron.  

Additionally, BSC’s decentralized exchange (DEX) platforms have recorded remarkable activity, handling over $9.91 billion in transactions over the past 30 days and $1.17 trillion cumulatively.  

Token Burns Bolster Supply Reduction  

Binance’s consistent coin-burning mechanism is another factor strengthening BNB’s outlook. The most recent burn event removed 2.02 million tokens from circulation, aligning with the exchange’s goal of reducing the total supply to 100 million coins. These burns significantly enhance scarcity and long-term value.  

The introduction of Binance’s BFUSD stablecoin has provided additional utility for BNB. Offering nearly 20% in yield, BFUSD has attracted significant investor interest, further cementing BNB’s ecosystem role.  

Regulatory Clarity Boosts Confidence  

The resolution of regulatory uncertainties has also played a significant role in boosting investor confidence. Changpeng Zhao recently concluded his legal challenges in the United States, alleviating some of the concerns that had previously weighed on Binance and its native coin.  

From a technical perspective, Binance Coin displays a bullish trajectory. A cup-and-handle pattern has formed on its weekly chart, a reliable signal of potential upward movement. The breakout from this pattern suggests a 70% rally, setting a potential target price of $1,170.  

The Murrey Math Lines tool reinforces this bullish outlook, with BNB surpassing key resistance levels. A move toward the “extreme overshoot” mark at $875 appears plausible, although a drop below $625 could invalidate this trend.