The price of BNB has experienced fluctuations, trading below $600 after a two-day surge propelled it to a high of $605 on May 9. Despite this recent pullback, the overall outlook for BNB remains bullish, as evidenced by its impressive performance over longer timeframes. In the past 30 days alone, BNB has surged by 83%, while its gains for the year 2024 stand at 91%, with a peak of $645 recorded on March 16. This surge brought BNB close to its all-time high of $690 reached on May 10, 2021.

Despite the recent fluctuations, BNB continues to dominate in terms of market share, maintaining its position as the top crypto exchange. Even with reduced trading activity in April, Binance has managed to recover its market share, which climbed for five consecutive months between October 2023 and March 2024, reaching over 40%. Binance's dominance is further underscored by its significant share of spot volume across centralized exchanges, despite a slight decrease in April.

The recent price action of BNB has resulted in increased on-chain activity, highlighting the growing relevance of the BNB Chain. Data indicates a significant increase in the total value locked (TVL) on the BNB Chain, suggesting heightened user and developer engagement with the network. This uptick in TVL coincides with a corresponding increase in price, underscoring the network's growing appeal and utility.

BNB Chain remains a formidable force among layer 1 blockchains, boasting a high number of decentralized applications (DApps) and transactions. With over 5,315 projects built on the blockchain and a substantial transaction volume, BNB Chain continues to attract users and developers alike, solidifying its position as a leading blockchain platform.

Technical analysis suggests a bullish outlook for BNB, with the price consolidating in a bullish pennant pattern. Analysts anticipate a potential breakout to new all-time highs, with price targets set at $800 or higher. The moving average convergence divergence (MACD) indicator remains in the positive region, indicating favorable market conditions for further upside. Key levels to watch include $610 and $650, with a successful breach potentially leading to significant gains for BNB.