BNB price is up 20% since March 11, when it fell below $280 as regulators targeted several cryptocurrency exchanges. On-chain data reveals consistent users on a daily basis, while long-term participants in the BNB chain network remain optimistic. Can BNB Ditch the Media FUD to Reach $350?

On April 14, BNB, issued by Binance, completed its 23rd quarterly spontaneous combustion event. The burn saw the destruction of more than 2 million BNB worth about $674 million. The growth in daily active users and the steady hands shown by long-term owners were the main drivers behind the current rally.

Having already surged by 5% in April, the on-chain data indicates that BNB may post further gains in the coming weeks.

Long-term BNB investors are poised for more price gains

Long-term BNB investors have not wavered in the face of the recent concerns, uncertainty and doubt (FUD) surrounding Binance and other cryptocurrency exchanges, according to on-chain data provided by Santiment.

The chart below shows how the average coin age on the BNB Chain network has been in an uptrend since mid-March.

Between March 9th and April 14th, the average age of BNB coin increased from 44.30 to 77.53, as the chart below shows.

Average Coin Life measures the long-term optimism of coin holders by multiplying the number of coins on the network by the number of days they spend in their current wallet addresses. Increasing values ​​indicate that long-term investors are getting more confident and preparing for future gains.

Likewise, the daily active users on the BNB Chain network have remained stable. This confirms that the bullish outlook for BNB has not been negatively affected by the recent FUD media.

Since Binance paused trading due to technical issues on March 24, BNB Chain’s daily active users have rebounded by 20%. Between March 24 and April 14, the daily active addresses interacting on the BNB network increased from 3,295 to 3,911.

Daily Active Users is an on-chain metric that measures the number of participants who interact on the network. Consistently high levels of daily active users (DAUs) on the blockchain network indicates strong adoption and usage of the network. This is a positive sign for the price prospects of the network’s native coin.

Given the long-term optimism among investors, the recent bullish trend in Daily Active Addresses could lead to a further upside in the BNB price.

BNB Price Prediction: Road to $360

The on-chain MVRVdata data provided by Santiment suggests that BNB price could surge to $360 before investors start taking profits. Market Value to Realized Value (MVRV) data identifies potential buy/sell areas by evaluating the average price at which current asset holders have acquired.

The chart below shows that most BNB holders are currently earning around 20% profit. Historical MVRV data shows that holders are likely to book dividends around the region of 30%. This means that once the price approaches $365, BNB could face a bounce.

But if BNB clears that resistance, the bulls can push higher towards $387 before coin holders start a sell-off.

However, the bears could invalidate the bullish narrative if BNB price drops below $308. However, the owners can look forward to finalizing the sale and keeping their 11% dividend.

If this support area does not hold, investors can expect a larger drop towards $285 before holders choose to cut their losses once their profits taper off to 2%.