Could this BNB whale’s play finally spur the altcoin’s price action?

• A dormant whale’s reactivation and technical indicators hinted at potential bullish momentum for BNB
• Rising social dominance and the upcoming Pascal upgrade supported a long-term bullish outlook

A dormant whale has reactivated after five years, depositing 2,325 BNB, valued at $1.4 million, into Binance. This unexpected move has raised speculation about potential shifts across the market. 

In the past, this whale has made notable transactions, including the deposit of 40,099 BNB ($802k) five years ago and the withdrawal of 42,425 BNB ($648k) at a price of $15.28 seven years ago. 

The reactivation has generated a profit of $1.56 million, leaving many asking – Does this signal a return of confidence in Binance Coin [BNB]?

Price action analysis – Key levels to watch for a potential breakout

At the time of writing, BNB was trading at $596.5, following a modest 0.27% hike in the last 24 hours. On the price charts, a double bottom formation emerged – A sign of potential bullish momentum. 

The latest price bounce from the support zone near $580 strengthened this view. If BNB can break above the critical resistance level at $625, it could potentially rally towards $678, confirming the positive outlook. 

However, if the price fails to break through this resistance, it may note consolidation or pull back towards lower support levels. Therefore, it’s crucial to keep an eye on these levels to assess the altcoin’s next move.

Source: TradingView

BNB social volume and dominance – Growing attention from investors

Although the social volume has been relatively low, with only 41 mentions recorded at press time, its social dominance rose to 0.55%. This indicated that the altcoin is gradually gaining attention on social platforms, signaling growing interest among investors. 

Additionally, this hike in social dominance may hint at a shift in market sentiment towards BNB. While it remains smaller compared to larger cryptocurrencies, the rise in social buzz is a positive sign and could further contribute to its price action.

Source: Santiment

Development activity – Pascal upgrade to Mainnet

Further affecting BNB’s bullish outlook is the upcoming Pascal upgrade, set to go live on 20 March 2025. This upgrade introduces the EIP-7702 smart contract wallets, which will bring several advantages such as gas-less transactions, batch approvals and swaps in one click, and easier onboarding for new Web3 users. 

These technical advancements are expected to enhance BNB’s utility and increase its long-term value proposition. This will potentially contribute to the altcoin’s upward price movement.

Will the whale’s reactivation spark a bullish surge?

It’s too early to say really. However, the signs are clearly there.

If BNB successfully breaks above key resistance levels, combined with the anticipated Pascal upgrade, it could certainly trigger a rally. Therefore, the whale’s move is likely a catalyst for a bullish surge in BNB in the near future.