The recent market crash saw most altcoins experience significant double-digit losses, but Binance Coin (BNB) stood out by maintaining its market capitalization relatively well. Despite a 4.5% drop in price following the crash, BNB was trading at $593, with a market cap exceeding $88 billion. Compared to other top coins like Solana (SOL) and Dogecoin (DOGE), which saw larger declines, BNB showcased resilience in the face of market volatility.
Analysis by AMBCrypto revealed that BNB’s price volatility remained low despite the market downturn, indicating strong support for the coin. Investors’ confidence in BNB remained high, as evidenced by a spike in the coin’s weighted sentiment graph. With signs pointing towards BNB potentially decoupling from the market, Santiment’s data suggested a rise in open interest and a bullish turn in funding rate, indicating a possible recovery for the coin.
Further scrutiny of BNB’s metrics, including the Relative Strength Index (RSI) and Chaikin Money Flow (CMF), suggested positive momentum for the coin. However, caution was advised due to a recent decline in BNB Chain network activity, with daily active addresses and transactions falling sharply after a spike on April 8th. Traders are advised to proceed with vigilance in the short term despite the positive indicators for BNB’s price movement.