Binance Coin Market Analysis

The Binance Coin price chart showed a bearish predilection. The HODL Waves chart indicated rising HODL activity over the past three months.

Binance Coin (BNB) has fallen to the $560 area once again after visiting it in the first week of February. Back then, BNB bulls defended the $560 support zone and drove a bounce to $721.

Since then, the price action indicated that the move has been completely retraced. Additionally, the On-Balance Volume (OBV) has been trending lower throughout 2025, indicating steady selling pressure, suggesting further potential losses for BNB.

The current market structure on the daily chart remains bearish. During the February bounce, the price was unable to set a new high and approached setting a lower low. Key support targets below are $534 and $464, which were significant during the range formation from July to November 2024.

The Open Interest (OI) chart illustrated that OI peaked in December at $1.27 billion when the price was at $735. The increase in price and OI hinted at bullishness and growth in speculative trading. However, the OI has been in a downtrend for nearly three months, now at $529 million, reinforcing bearish sentiment.

Examining the BNB Realized Cap HODL Waves

The colored bands on the HODL Waves chart indicate the fraction of BNB supply transacted in different age bands. Each age band corresponds to a color, with warmer hues representing newer coins and cooler tones indicating older holdings. Unlike Bitcoin (BTC), BNB, being an exchange token, influences the HODL mentality.

There was a spike in activity among younger coins in May 2021 and a smaller one in January 2022. As these holders matured, their numbers decreased, indicating selling pressure throughout the bear market of 2023. The significant activity in August 2020 might have been an anomaly. However, the HODL wave was characterized by the detrimental spike of activity.

The upper half of the chart indicated HODLing until March-April, with profit-taking activity occurring as prices approached the $600 region.