- BNB Chain’s latest weekly report underscored healthy network activity.
- However, BNB struggled to get out of the low range.
BNB Chain released its latest weekly data on July 21, which revealed some notable findings regarding its performance between July 14 and July 20. Notably, the network had a total of 4.32 million active weekly users during the weekly period. It also recorded 22.94 million transactions during the week, averaging 3.82 million transactions per day.
Numbers don’t lie š pic.twitter.com/odp7q72klC
ā BNB Chain (@BNBCHAIN) July 21, 2023
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The weekly report underlined BNB Chain’s ability to maintain robust network growth rates even in slow market conditions. A secret behind this achievement was revealed in the weekly performance report.
The network’s average gas fee was 0.0039 BNB, which equates to an average transaction fee of $0.94. BNB’s relatively low transaction costs are one of the main reasons why the network has achieved such strong user growth.
BNB Chain is also enabling itself to leverage more user growth in the future by onboarding new Web3 projects. To that extent, it has announced the rollout of five new dApps on its network.
New projects on BNB Chain šhttps://t.co/JZqFYB688a
ā BNB Chain (@BNBCHAIN) July 22, 2023
BNB Chain’s robust user activity, coupled with the growth of dApp, should in theory make for a strong BNB cryptocurrency. However, BNB’s latest performance suggested it was heavily impacted by general market conditions.
BNB Price Analysis
BNB changed hands for $242.7 at the time of going to press. It has been in a slightly bullish range since mid-June, after experiencing a dip in late May. The selling pressure that has been prevalent since mid-July almost forced a retest of the near-term mounting support.
A strong bullish bounce could push back above the $260 price level.
Source: TradingView
The price chart above confirmed that BNB was struggling to bounce back from this range. Nevertheless, the price level at the time of writing has been characterized by low volume and USD daily trading volume has dropped significantly over the past few days.
Source: Sentiment
Read BNB’s 2023-24 Price Forecast
On the other hand, some data also showed that there was accumulation and traders were willing to HODL. For example, the average coin age has been on an upward trajectory for the past four weeks.
The same goes for the weighted sentiment, which suggested most users were sticking with bullish optimism. However, traders should still be cautious in case the market crashes again.
Source: Sentiment