Despite a recent market crash that caused most altcoins to plummet, Binance Coin (BNB) stood out by holding its ground better than other cryptocurrencies. While BNB did experience a 4.5% drop in value over 24 hours, it maintained a market cap of over $88 billion. In comparison to top coins like Solana and Dogecoin, BNB’s performance was more resilient, with lower price declines.
BNB’s price volatility remained relatively low amidst the market crash, indicating the coin’s stability and resilience. Despite the bearish price action, investor confidence in BNB remained high, as shown by a spike in the coin’s weighted sentiment graph. Analyzing Santiment’s data suggested that BNB might decouple from the market, with rising open interest and a turning funding rate signaling a potential bullish trend for the coin.
While BNB’s metrics and indicators appeared bullish, it’s essential to note a recent drop in BNB Chain’s network activity, such as daily active addresses and transactions. Traders should remain cautious in the short term, as data from Artemis indicated a decline in network activity after a spike on April 8. However, with positive signs pointing to a potential recovery for BNB, investors are hopeful for a bullish trend in the near future.