$BNB

The Binance Coin (BNB) is preparing for a potential price breakout as it approaches the psychological and technical barrier of $700, supported by strong factors including the recent token burn and a significant increase in network activity.

The coin is currently trading near $686 after touching $695 during today's trading, approaching a major horizontal resistance between $685 and $700 that has formed within a 'rising triangle' pattern reflecting an upward trend since May. Breaking through this barrier is considered a strong technical signal that could pave the way for a new upward wave.

The bullish expectations were reinforced after the BNB Chain network announced the completion of the 32nd quarterly token burn, which resulted in the removal of 1.59 million BNB coins from the circulating supply, a factor that is traditionally seen as positive for increasing the coin's value due to reduced supply.

Additionally, 'Glassnode' data showed a sharp increase in the number of active addresses since April, jumping from 500,000 to over a million by June. Despite a slight recent decline, activity remains at high levels — between 900,000 and a million addresses — compared to only 400,000 in March.