Binance Coin (BNB) is showing signs of weakness, trading around $856, down nearly 40% from its peak earlier this year.
Although the coin has risen slightly over the past three days, its price remains under pressure due to declining activity on the Binance Smart Chain (BSC).
Data from Nansen shows that BSC handled 402 million transactions in the last 30 days, a drop of 83% compared with the previous month. Network fees also fell by 17% to $14.3 million.
Other key metrics, including total value locked (TVL) and decentralized exchange (DEX) volume, have also declined sharply.
TVL decreased from $12.2 billion earlier this year to $8.9 billion, while DEX volume fell to $55 billion from a high of $118 billion. Futures open interest for BNB dropped to $1.3 billion from $2.7 billion.
Technical analysis suggests further downside for BNB. The coin has formed a descending triangle, a bearish continuation pattern, and is approaching a death cross as the 50-day and 200-day moving averages converge.
Analysts say a drop below $817 could trigger a deeper decline toward $695, a key retracement level.
