Rabat – Binance (BNB) is facing renewed downside pressure as it drifts closer to a key technical support level, with multiple warning signs suggesting a deeper pullback could be ahead.
The token has struggled to regain momentum after slipping sharply from its December peak, keeping traders on edge as bearish signals continue to stack up.
The price of BNB has fallen around 11% from its monthly high near $924 to a recent low of around $822.
Although it has staged a modest rebound to the mid-$840 range, BNB remains well below its year-to-date peak reached earlier this autumn. This muted recovery highlights a lack of conviction among buyers, especially as broader network activity continues to cool.
One of the main factors weighing on sentiment is the slowdown on the BNB Chain itself. Blockchain data shows that transaction volumes have dropped significantly since October, falling by nearly half to just over 16 million transactions.
A decline of this scale often reflects reduced engagement from users and developers, which can translate into softer demand for the underlying token over time.
Derivatives data tells a similar story. Futures traders appear to be stepping back, with open interest in BNB contracts shrinking sharply over the past two months.
Lower open interest usually means traders are closing positions and cutting leverage, a dynamic that can add further pressure to spot prices in the short term.
Despite these headwinds, the broader picture is not entirely negative. The BNB Chain continues to make progress in longer-term adoption, particularly in areas such as real-world asset tokenization.
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Recent integrations involving institutional-grade products have helped boost the network’s credibility, even if those benefits have yet to fully reflect in the token’s price.
In parallel, BNB’s automatic token burn mechanism continues to reduce supply gradually, supporting its longer-term value case.
From a technical perspective, BNB is now approaching a support trendline that has held multiple times since April.
The price is hovering just above this level, leaving little margin for error. Momentum indicators point to weakness, with bearish signals suggesting sellers still have the upper hand.
If the price breaks below this support, analysts warn that a drop of roughly 15% could follow, potentially sending BNB toward the low $730 range.
