Team CryptoInsightfull 
- The Binance Coin price chart showed a bearish predilection.
- The HODL Waves chart showed rising HODL activity over the past three months.
Binance Coin [BNB] has fallen to the $560 area once again after visiting it in the first week of February. Back then, BNB bulls defended the $560 support zone and drove a bounce to $721.
Source: BNB/USDT on TradingView
The price action since then showed that the move has been completely retraced. Additionally, the OBV has been trending lower throughout 2025 to indicate steady selling pressure. This showed that BNB could see further losses.
The market structure on the daily chart was bearish. During the February bounce, the price was unable to set a new high and was close to setting a lower low. To the south, the next targets were the $534 and $464 levels.
These levels had been important during the range formation from July to November 2024.
Source: Glassnode
The Open Interest (OI) chart showed that the OI peaked in December. It reached $1.27 billion when the price reached $735. The increased price and OI hinted at bullishness and growth in speculative trading.
The OI has been in a downtrend for nearly three months now, once more highlighting bearish sentiment, and was at $529 million at press time.
Examining the BNB Realized Cap HODL Waves
Source: Glassnode
The colored bands on the chart indicate the fraction of BNB supply transacted in different age bands.
Each age band corresponds to a color, with warmer colors representing younger age bands and cooler colors like greens. Unlike Bitcoin’s [BTC], BNB is also an exchange token, influencing the HODL mentality.
There was a spike in activity among younger bands in May 2021 and a smaller one in January 2022. As these holders grew older, their numbers diminished, showing some selling pressure throughout the bear market in 2023.
The strong activity in August 2020 might have been an anomaly. However, the HODL wave was most clearly distinguished by this spike of activity.
The upper half of the chart showed HODLing till March-April, with profit-taking activity as prices reached the $600 region.
