BNB Chain (BNB), Binance’s blockchain network, outperformed other Ethereum (ETH) competitors in Q2 2022, according to cryptocurrency analytics firm Messari. BNB’s growth proved solid in virtually all areas. According to Messari, BNB had a “prominent year” especially in the non-fungible token (NFT) sector. In this sense, the network has seen exponential growth in its volume of secondary sales of NFT and the number of unique buyers of these tokens. The values went from just over US$ 2,000 at the beginning of the year to almost US$ 1 million in July.
Source: Messari. In addition to the growth in terms of fundamentals, BNB also recorded a strong appreciation in the price of its token, which is now approaching $300. In this sense, BNB’s momentum is positive to buy if the price manages to break through its new resistance.
BNB steals market in various sectors.
Messari’s report looks at Ethereum’s top competitors such as Polygon, Flow, Solana and BNB itself. In addition to outperforming its competitors, BNB managed to steal a significant share of the Ethereum market. This is the case with the number of NFT sales, a segment in which Ethereum usually maintains a dominance of over 90%. In the second quarter, however, BNB and Solana made this share fall below 80%. This level of growth resulted in an increase in the number of daily transactions on BNB, which exceeded 3.1 million. Ethereum, on the other hand, recorded around 1 million transactions at the end of Q2 2022.
Source: Messari. In other words, BNB grew at a faster pace than its competitors across multiple metrics – financial, network, ecosystem and development – over the course of the quarter. And in many of them, the network surpassed the numbers of the main player in the sector. “There was a notable increase in transaction counts and revenue on each chain in mid-May. The magnitude, however, appears to have been much more significant on BNB Chain. More transactions create more fees on BNB, increasing several key metrics,” the report said.
BNB tries to take down resistance
According to CoinMarketCap, the price of BNB is up 0.14% in the last 24 hours, or $301.37 at the time of writing. In the medium term, BNB touched a support zone of $240 on July 16 and showed strong appreciation after this move. On the other hand, the coin faced strong selling pressure, with a consolidated support in the $280 region. Therefore, the current price region still needs to be tested as the $300 is an important graphical resistance. According to TradingView, the MACD looks extremely bearish, as seen in the red color of the chart. But, the lighter tone of the histogram implies a dip in bearish momentum as BNB looks for support above $280. After the breakout of $280, buyers are ready to take the price towards the resistance of $300. And with a successful breakout attempt, the BNB/USDT pair can gain traction and rise above the resistance set at $350. That is, a 15% rally from the current price. Read also: Banks of Portugal close accounts of companies that work with cryptocurrencies Read also: Boticário and Eudora launch collection of NFTs in partnership with Sabrina Sato and crypto photographer Read also: Brazilians move BRL 4 billion in Bitcoin in July; drop of 12.7% compared to June
