- BNB noted a spike in its development activity, social metrics and open interest over the past three months.
- Binance’s native token’s price is likely to rally alongside DeFi, Layer-1 blockchain tokens and altcoins in the ongoing cycle.
- BNB price witnessed a bullish trend reversal in the last week of October, rallying towards $255 local top in November.
BNB, the native token of Binance, is likely to extend its gains as on-chain metrics project a bullish outlook on the asset. Three key metrics, development activity, social dominance and open interest point towards a potential rally in BNB price.
Another key catalyst for the BNB ecosystem is Binance’s Blockchain Week 2023, a two-day conference that runs from November 8 to 9 in Istanbul. It is the Turkish edition of a Web3 conference where crypto adoption is discussed by experts and policymakers.
Also read: Bitcoin price trends above $35,000 after BTC survives sell off by miners
BNB price rally likely on the horizon: On-chain analysis
Development activity, an indicator that identifies updates in the asset’s ecosystem, climbed from 0.017 in the second week of August to 0.17 as of November 8. Rising development activity supports improvements in the blockchain and is likely to fuel a bullish outlook among traders.
Development activity
Social metrics, social dominance and volume are generated by evaluating the mentions of BNB across social media platforms like X (formerly Twitter). An increase in social metrics typically supports a bullish thesis for the asset’s price. As seen in the Santiment chart below, in the past three months, social dominance peaks have coincided with local tops in BNB price, as seen on August 23, October 10, October 27, November 7, 2023. Therefore, it is likely that the rise in social dominance pushes BNB closer to a local top in the short term. Social volume is nearly the same as August, with periods of peaks coinciding with social dominance, as seen in the chart below.
Social dominance and volume
Open interest in BNB spiked between Nov 3 and 7, the metric has been in a downtrend for the past three months. Rise in open interest is indicative of increasing capital inflow to the asset. This metric therefore supports a bullish outlook on BNB price.
Open interest in USD
At the time of writing, BNB price is $245.60, up nearly 9% since the beginning of November.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Raydium soars 18% as Upbit lists RAY/KRW and RAY/USDT trading pairs
Raydium (RAY) price rallies more than 18% on Thursday after rebounding from its key support the previous day. The main reason for RAY’s rally is that Upbit, South Korea’s largest cryptocurrency exchange, announced the listing of RAY trading pairs.

Ethereum Price Forecast: ETH stays muted as uncertainty from Middle East crisis weighs on market sentiment
Ethereum (ETH) held steady around $2,500 in the early Asian session on Thursday following mixed activity across its on-chain data. Ethereum is experiencing calmness in its on-chain metrics following an extended period of price consolidation that has spanned the past six days after dropping from above $2,700.

Top 3 Crypto Gainers: RAY, AERO, SPX shrug off market volatility, record double-digit growth
Decentralized Finance (DeFi) tokens such as Raydium (RAY), Aerodrome Finance (AERO), and SPX6900 (SPX) outperformed the broader cryptocurrency market over the last 24 hours, following the Federal Reserve's decision to keep the policy rates unchanged at 4.25%-4.5% in the June policy meeting.

Bitcoin, Ethereum, XRP hold steady as Federal Reserve leave rates unchanged
Bitcoin (BTC) and altcoins, including Ethereum (ETH), XRP, and Solana (SOL), saw slight movements on Wednesday as the crypto market stayed resilient following the Federal Reserve's (Fed) decision to leave rates unchanged at 4.25%-4.50%.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.