Binance Smart chain’s BNB emerged on top in terms of social sentiment and market strength in the last 24 hours, during which period the price went up by 3.61%.
The coin demonstrated significant strength so far this year despite the market crash. As per LunarCrush social ranking, BNB had the highest social sentiment score in the last 24 hours.
The ranking was also based on market strength, which may have been backed by strong demand and utility within the BNB chain ecosystem.
This development suggests that many traders have been keeping tabs on the cryptocurrency.
This was also apparent by its recent recovery after a heavily bearish start in the first week of April.
BNB Price Action Clocks Higher Month-Over-Month Lows
One of the main reasons that underscore the high social sentiment score and market strength could be its resistance against downside.
While BNB has been heavily discounted just like many of its counterparts, it has been achieving higher month over month lows since February.
Many top coins including BTC clocked new 2025 lows a few days ago. However, BNB’s higher lows signaled market strength.
The performance underscores an ascending support which BNB price action retested earlier this week.
Note that this recent low was higher than its March low while the latter was higher than its February low.
The performance underscores a major long term ascending support that is part of a BNB wedge pattern.
The cryptocurrency exchanged hands at $578.33 at press time, after gaining 3.46% during the day.
BNB price was also up by 11.18% from the aforementioned ascending support. BNB owes some of its gains in the last 24 hours, to the positive shift in sentiment.
This was after U.S President Donald Trump announced a global tariffs ceasefire with China as the exception.
A strong enough demand resurgence could potentially push for a breakout of the BNB wedge pattern.
If that fails, then the cryptocurrency may end up being confined within a tight squeeze zone, with higher prospects of a breakout or breakdown in May.
Evaluating the Level of Demand after Trump’s Tariffs Pause
A demand resurgence was observed hours after Trump announced the tariffs pause. BNB price had already embarked on some recovery before then and the tariffs-related development added onto its recovery.
BNB was among the coins that received a massive liquidity inflow. Its spot flows were in the green by just over $507 million at the time of observation.
An interesting change of pace considering that it recorded $719 million worth of spot outflows just 4 days ago on 6 April.
The latest BNB spot inflow spike was the largest observed in the last 4 weeks. As far as derivatives demand was concerned, volumes were up by 54.63% and a 10.94% open interest gain in the last 24 hours.
Options open interest was up 3.95% while options volumes rallied by 45.76% during the same period.
The bullish pivot also yielded a shift in the ratio of longs versus liquidations. Long liquidations have been dominant for the last few weeks as prices crashed.
However, that changed in the last 24 hours during which short liquidations surged to $148.15 million while long liquidations were lower at $88.01 million.
Although the market was up considerably in the last 24 hours, large trades were largely limited.
Large trades provided roughly $1.08 million worth of demand in the spot and derivatives segment.
However, this was only based on top 4 major exchanges according to Coinglass.
