According to data from crypto.news, BNB was trading at $957.5 as of Nov. 12, down 2% over the past 24 hours and roughly 30% below its October peak of $1,369.85.
The decline in BNB’s price coincides with a continued drop in user activity on the BNB Chain. Data from BscScan shows that daily transactions have fallen sharply — from 31 million on Oct. 8 to under 16 million at press time.
This drop in network activity reflects waning engagement from both users and developers, which typically results in lower demand for the token and weaker overall network utility.
BNB’s derivatives market has also experienced a steep contraction, with open interest plunging from an all-time high of $2.97 billion to $1.35 billion over the same period. Meanwhile, the long-to-short ratio fell below 1 in the past 24 hours, suggesting that a majority of traders are betting on further downside — a sign of growing bearish sentiment in the short term.
Technical Outlook
On the daily chart, BNB has extended its downtrend since its sharp drop from October highs, consolidating within a falling wedge pattern. In technical analysis, this formation is often viewed as a bullish reversal setup, indicating that while the trend remains weak for now, a breakout to the upside could occur if buying pressure returns and momentum strengthens in the coming sessions.
At press time, BNB was trading near the upper trendline of its falling wedge, signaling a potential bullish breakout around the $1,000 level — a key psychological resistance zone for the token.
A decisive move above this level could pave the way for a rally toward $1,100 or even $1,300, based on a target projection that adds the height of the falling wedge to the expected breakout point. Reaching this target would allow BNB to recover most of its October losses.
However, traders should note that several technical indicators remain bearish. The MACD lines continue to show weak momentum, while the RSI, currently below 40, points to lingering downside pressure. This suggests that BNB may face additional short-term pullbacks before any sustained recovery takes shape.
