3 reasons why traders put an $800 target on BNB price

) price is trading below $600 after a two-day rally saw it increase its value by 5.5% to reach a high of $605 on May 9.Even with today’s pullback, data suggests that BNB price remains bullish on the longer timeframe. The layer 1 token has soared 83% over the last 30 days and 91% in 2024 alone to reach a multi-year $645 on March 16. This rally brought BNB within a 7% reach of its all-time high of $690 reached on May 10, 2021.

Data from CCData show that Binance continues to account for the larger part of the spot volume across centralized exchanges despite its share decreasing by 3.69% in April to 33.8%.Binance’s dominance is corroborated by data from CoinMarketCap, which shows that the total 24-hour trading volume on all crypto exchanges at $63.63 billion, with Binance accounting for $15.86 billion of this on May 10. Coinbase comes in second place, contributing only $3.35 billion, and OKX is in third place with $2.

The increasing value of BNB Chain’s TVL suggests that users and developers are interacting more with the network.

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