A Dormant Whale’s Reactivation Signals Potential for BNB

A dormant whale has reactivated after five years, depositing 2,325 BNB, valued at $1.4 million, into Binance. This unexpected move has raised speculation about potential shifts across the market.

In the past, this whale executed notable transactions, including a deposit of 40,099 BNB ($802k) five years ago and a withdrawal of 42,425 BNB ($648k) seven years ago, at a price of $15.28. The reactivation generated a profit of $1.56 million, leading many to wonder if this signals a return of confidence in Binance Coin (BNB).

Price Action Analysis – Key Levels to Watch for a Potential Breakout

At the time of writing, BNB was trading at $596.5, following a modest 0.27% hike in the last 24 hours. Price charts revealed a double bottom formation—a key indicator of potential bullish momentum. The latest price bounce from the support zone near $580 further strengthened this view. If BNB can surpass the critical resistance level at $625, it may rally toward $678, confirming a positive outlook.

However, if the price fails to break through this resistance, it may consolidate or pull back towards lower support levels. Hence, monitoring these levels is crucial to assess the altcoin’s next move.

BNB Social Volume and Dominance – Growing Investor Attention

Although social volume has been relatively low, with only 41 mentions recorded at press time, its social dominance rose to 0.55%. This indicates that the altcoin is gradually gaining attention on social platforms, signaling growing investor interest. The rise in social buzz is a positive sign and could contribute to BNB’s price action.

Development Activity – Upcoming Pascal Upgrade to Mainnet

Another factor impacting BNB’s bullish outlook is the upcoming Pascal upgrade, set to go live on 20 March 2025. This upgrade introduces EIP-7702 smart contract wallets, allowing advantages such as gas-less transactions, batch approvals and swaps in one click, and easier onboarding for new Web3 users. These technical advancements are expected to enhance BNB’s utility, potentially contributing to upward price movement.

Will the Whale’s Reactivation Spark a Bullish Surge?

It’s too early to draw conclusions. However, signs indicate potential. If BNB successfully breaks above key resistance levels, combined with the anticipated Pascal upgrade, it could indeed trigger a rally. Thus, the whale’s move may serve as a catalyst for a bullish surge in BNB in the near future.