BNB (BNB) price is heating up again after a four-day correction that saw it lose 16% of its value. BNB climbed from a low of $500 on March 20 to an intra-day high of $539. At the time of writing, the price was hovering around $550, up 5% over the last 24 hours, according to data from CoinMarketCap.

BNB’s performance has been bullish over the last month. The layer 1 token has soared 50% over the last 30 days and 61% in March alone to reach $645 on March 16, its highest value since November 2021. This rally brought BNB within 7% reach of its all-time high of $690 reached on May 10, 2021.

This has left many traders wondering whether the BNB price will return to its all-time highs. Let’s look at the factors that could potentially bolster BNB higher.

Binance exchange leads in trading volumes

Binance crypto exchange appears to be holding on to its market share even after regulatory challenges in the United States and abroad marred its operations. After a wild legal ride in 2022 that ended with the former Binance CEO Changpeng Zhao stepping down and a $4.3 billion fine for the exchange, Binance has recovered its trading volume market share.

Data from CCData shows that Binance’s market share continued to rise since October 2023, climbing for the fifth consecutive month to more than 40%.

This is corroborated by data from CoinGecko, which shows that the total 24-hour trading volume on all crypto exchanges at $178 billion, with Binance accounting for $41.7 billion of this on March 20. ByBit comes in second place, contributing only $7.5 billion, and OKX is in third place with $6.5 billion.

BNB Smart Chain is seeing increased activity

Just as the exchange has overcome the negative branding impact of its regulatory challenges, the exchange’s BNB Smart Chain (BSC) is also “making a comeback of its own,” according to K33 Research.

David Zimmerman, a DeFi analyst at K33 Research, says BNB’s “price action has led to more activity on-chain, and there is life once more on BSC.”

Independent analyst and X user Kyledoops spotted BNB price trading at $586 before the correction and said that the increasing total value locked on the blockchain is fueled by “BNB’s surge into price discovery mode.”

“$BNB TVL skyrockets to $6 billion, hitting levels not seen since June 2022.”

Data from DefiLlama shows that BNB Chain’s TVL increased by 54% in 2024, suggesting that users and developers are interacting more with the network.

According to data from DappRadar, the BNB Chain remains a powerhouse among layer 1 blockchains, handling 7.07 million transactions in the last 30 days against Ethereum’s 1.2 million transactions.

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Unique Active Wallets (UAW) is a metric DappRadar uses to express how many individual crypto wallet addresses interact with a blockchain’s smart contracts.

The figure above shows that the BNB Chain also leads in total unique address wallets where more than 2 million UAWs have interacted with the layer protocol over the last 30 days. This is way higher than 585,430 UAWs on Ethereum and 142,890 on Avalanche.

BNB price is 21% away from its all-time high

BNB price is currently 21% below its all-time high of $690. The K33 Research report claims that even though Solana (SOL) has stolen the limelight in the recent past, “BNB has had an equally impressive move this year and is significantly closer to record highs.”

Zimmerman notes,

“BSC was a major area for altcoin madness in the previous bull run, and it looks as though it is warming up for another run here.”

In a March 14 post on X, independent analyst Batman spotted BNB very close to all-time highs, saying that the “$BNB price has been on a monster run lately.”

Batman added,

“Price discovery is not very far away from BNB. This could lead to a huge rally for altcoins in the BNB ecosystem.”

The price was trading 20% below the all-time high at the time of publication. The moving average convergence divergence (MACD) indicator was still in the positive region above the zero line, suggesting that the market conditions still favored the upside.

The key levels to watch above this are $550 and $600. The bulls have to flip this supply zone back into support before pushing the price toward all-time highs at $690 and ushering BNB into price discovery.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.