Although BNB has faced resistance at $620, market sentiment remains optimistic.
), which posted a 5% gain during the same timeframe. However, mixed signals from on-chain BNB Chain data suggest that the rally may have stretched too far.Market analysts note that the cryptocurrency market’s upward trend is closely linked to inflows into spot Bitcoin exchange-traded funds , which experienced a setback in the week ending March 23. For the first time since the introduction of spot ETFs in January, these financial instruments saw a net outflow of $890 million.
Hence, a detailed examination of BNB Chain’s TVL, especially in comparison with direct competitors like Ethereum and Solana , is warranted. BNB Chain’s smart contract deposits have fallen to their lowest since March 2021, down 10% over two months, in stark contrast to Ethereum’s 8% TVL increase in ETH terms and Solana’s TVL, which jumped 29% since Jan. 28, as reported by DefiLlama.TVL should not be the sole indicator of a blockchain’s success.
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