BNB Price Analysis of March 5, 2025: BNB Recovers From $546 Crash and Tests $604 Resistance Level
Binance saw significant price fluctuations over the past 24 hours, with an initial breakdown followed by an upward channel and a breakout attempt. Despite bullish efforts, the price is facing resistance, which could determine its next move. Technical indicators suggest that market sentiment remains mixed, with overbought conditions hinting at a possible reversal. If the BNB price today holds above the resistance, an extended rally could follow. However, a failure to sustain momentum may lead to a pullback. In this BNB price analysis, we’ll evaluate key levels and what’s next for BNB.
BNB Breakout Above $580.44 Confirmed, But Will the Momentum Hold?
The trading day started with a slight upward move, encountering resistance at $580.44. Shortly after, at 00:35 UTC, a death cross appeared on the MACD line, triggering a sharp downward move. The RSI indicator showed oversold conditions at 1:45 UTC and 2:05 UTC, leading the price to find support at $546.86. At 2:30 UTC, the MACD line formed a golden cross, initiating an upward channel. The price fluctuated within a moderate trading range, maintaining an upward trend. At 12:00 UTC, the MACD line signaled a potential downward move, causing slight fluctuations.
Chart 1, Analyzed by ShwetaCW, published on TradingView, March 5, 2025
However, at 14:35 UTC, an oversold situation pushed the price upward, keeping it within the trading range. At 16:50 UTC, another golden cross appeared, reinforcing an upward trend. By 18:55 UTC, the price broke the resistance level, confirming a breakout at 19:00 UTC due to an overbought RSI. The price briefly struggled near the previous resistance, but the upward momentum continued, confirming the breakout. At 22:00 UTC, a death cross on the MACD line suggested a slight downward trend, pushing the price toward a support level that was previously a resistance zone.
Upward Channel Strengthens BNB Amid Golden Cross Signals
The trading day of March 5th began with a slight downward trend, influenced by the previous day’s death cross. However, at 1:00 UTC, a golden cross on the MACD line initiated an upward channel. The RSI indicator showed oversold conditions at 1:55 UTC and 2:20 UTC, pushing the price upward. At 2:45 UTC, a death cross suggested a downward movement, but the overall upward trend remained intact. Overbought conditions at 7:00 UTC and 7:25 UTC maintained the upward momentum. Another golden cross at 8:00 UTC fueled the price further, and with continuous overbought conditions at 8:35 UTC and 9:30 UTC, the price reached a resistance level of $604.86.
Binance Price Prediction: Will BNB Hold Above $604.86 or Face a Reversal?
In the past 24 hours, BNB price today showed volatility, experiencing a breakdown, an upward channel, a breakout, and another push toward a potential breakout. If the upward momentum continues, the price could break past the current resistance at $604.86. However, failure to sustain above this level may indicate a fakeout, leading to a possible retracement. On the downside, if bearish pressure increases, BNB could break below the $580.44 support level, which previously acted as resistance. Binance price prediction suggests traders should watch for confirmation signals to determine the next move in this BNB price analysis.
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Top 12 Blockchains By NFT Sales Volume in February – Who Dominated?
Blockchains currently compete to lead the NFT market through annual trading volume growth and increasing transaction count and user interaction. The blockchain network Ethereum continued to dominate in February while Bitcoin, Solana, and Polygon demonstrated substantial development. The following analysis reviews the performance of the twelve foremost blockchains that recorded NFT sales.
TOP BLOCKCHAINS BY MONTHLY #NFT SALES VOLUME #Ethereum #Bitcoin #Solana #Polygon #Mythos #Immutable #Base #BNBChain #Flow #Ronin #Cardano #Avalanche pic.twitter.com/Xtykuie1oM
— PHOENIX – Crypto News & Analytics (@pnxgrp) March 5, 2025
Ethereum Maintains Its NFT Market Leadership
In February 2025, Ethereum maintained its leadership position as the NFT market leader by achieving $223 million in sales through 623,602 transactions. The blockchain maintained its leadership position as a prominent trading platform through its 36,745 purchasers and 31,744 vendors.
Ethereum retains its market dominance for blue-chip NFT collections and primary major marketplaces despite its elevated gas costs. The NFT industry maintains its leadership in the network due to its high liquidity alongside strong security and extensive ecosystem components.
Bitcoin’s NFT Ecosystem Expands Rapidly
Bitcoin occupies the second position in the NFT sector due to its $104.8 million sales alongside 158,439 transactions. The Bitcoin-native NFTs and Ordinals phenomenon has resulted in 3,498 purchasers and 3,681 traders across the platform.
Traditional blockchain systems historically avoided association with NFTs until innovative inscription methods created a sudden market growth. The NFT market entry of Bitcoin transforms investor and trader understanding of blockchain capabilities, which extend beyond maintaining value.
Solana, Polygon, and Mythos Drive High Transactions
Solana maintained its dominant market position through NFT sales that totalled $51.3 million and transaction processing at 723,603 transactions. Low transaction fees combined with fast processing enabled Solana to achieve 16,584 buyers while attracting 21,704 sellers during its period.
The activity on Polygon’s blockchain reached remarkable heights when it achieved $44.4 million in sales and processed an astounding 1,077,829 transactions. Polygon developed its status as a leading platform for gaming through its combination of 11,125 buyers and 3,409 sellers who access affordable NFT collections.
Mythos emerged as an emerging blockchain with $41.1 million in sales and 1.6 million transactions, which exceeded most networks’ trading counts. Today this blockchain attracts substantial participation from both traders and NFT admirers because it pairs 10,122 sellers and 12,148 buyers.
Emerging Blockchains Gain Traction in NFT Space
Immutable X, specialized in game NFTs, achieved $20.8 million in sales while processing 34,478 transactions. The network maintained its status as a gaming NFT leader through its 1,616 buyer and 1,714 seller participation base.
The Base Layer-2 blockchain operated by Coinbase achieved $13.8 million in transactions while completing 353,387 operations. The NFT ecosystem appreciates Base for its growing presence despite having only 2,057 buyers and 3,009 sellers.
BNB Chain experienced $8.1 million in sales from its 28,427 transactions through 4,544 buyers and 2,365 sellers to secure its position in the market.
The platform Flow, which ruled the market through its NBA Top Shot project, generated $5 million in sales while processing 304,138 transactions involving 2,569 buyers and 2,674 sellers. Despite a reduction in its trading volume, the platform continues to stay active in the NFT collectables sector. Ronin, Cardano, and Avalanche are the last three on the list.
The Future of NFT Market Competition
The dominance of Ethereum continues while the quick Bitcoin market growth indicates changing NFT trends. The transaction volume competition between Solana, Polygo, and Mythos continues as Base and Immutable X establish their positions in the market.