Factors that could drive the price of Binance Coin (BNB) up to $1,000

Since hitting the $900 mark two weeks ago, Binance Coin (BNB) has struggled to maintain its bullish momentum. During this period, the price has traded within a narrow range, holding at $880–$830.

At the time of writing, BNB is trading at $862, bullish 1.84% in 24 hours.

In this stagnant context, analysts are debating the direction of BNB. DarkFost from CryptoQuant suggests the possibility of a breakout to $1,000, emphasizing token burn and buyback as the main supporting factors.

Four driving forces that support BNB sustainability

According to DarkFost's analysis, the spot trading volume of BNB shows signs of "overheating". This is a signal for a pause and consolidation phase. However, the market remains stable without any strong correction.

BNB spot trading volume bubble map | Source: CryptoQuantAccording to the analyst, the sustainability of this market comes from four main factors.

First, staking on the BNB Chain remains attractive. The total number of BNB locked has increased to 26 million, while the number of delegators has recovered to 7,500, indicating stable staking demand.

Staking trend | Source: DuneThe second factor is that Binance Launchpads have become extremely popular, with the amount of capital raised through these platforms increasing significantly.

In fact, Binance Launchpads has raised $133 million through Chainbroker, demonstrating high demand for blockchain-supported tokens.

Source: ChainbrokerAnother factor that DarkFost observes is the Transaction Fees on Chain (Chain Fees), as BNB continuously raises funds through staking fees.

According to Artemis, the average daily transaction fee reached $400,700 in recent months.

Source: ArtemisFinally, Binance continues to buy back and burn tokens, reinforcing investors' confidence. DarkFost notes that these conditions set the stage for the potential of BNB to break through to $1,000.

On-chain activity signals resilience

Importantly, the on-chain activity of BNB also shows an increased usage and acceptance.

For example, according to Artemis, the number of daily active addresses of BNB has recovered from a decrease of 417,000 recorded on September 2nd to 2.2 million at the time of announcement.

The daily active address count of BNB | Source: ArtemisA sudden increase in the number of addresses indicates a higher network usage and on-chain demand for the asset.

In fact, the number of new users surged to 752,000, while returning users jumped to 1.4 million at the time of writing. This confirms the growing trend of adoption and usage across the chain.

Source: Artemis## What is holding back BNB?

Notably, despite showing resilience, BNB is still in a consolidation phase due to prolonged profit-taking pressure.

According to data from CoinGlass, BNB recorded a positive net inflow in the spot market for 6 out of the past 7 days, indicating stable accumulation activity and investor confidence.

Source: CoinGlassAt the time of writing, the net spot capital flow reached $4.71 million, up from $2.02 million the day before. The increase in capital inflow suggests selling pressure from profit-taking.

Is the $1,000 mark feasible?

According to the analysis, Binance Coin shows resilience in acceptance and on-chain demand. However, the consolidation phase continues due to selling pressure offsetting the gains.

If profit-taking pressure decreases, BNB may break back above the resistance level of 880 dollars, paving the way towards 1,000 dollars.

On the contrary, if sellers continue to operate at each rally, the consolidation phase may persist, with $840 acting as a key support level.

Minh Anh