Binance Coin (BNB) hit a record high of $801 trading in Asia, marking a new peak. The feat was achieved during a period of increased institutional purchases and bullish market momentum in the wider crypto market. The BNB price has gained over 16% in the past week and nearly 30% over the past month.
Institutional Momentum Pushes BNB Price to New Heights
BNB price broke past the $800 mark following significant institutional accumulation led by Nasdaq-listed Nano Labs Ltd. The Chinese Web3 firm increased its holdings to 120,000 BNB, now worth about $90 million. This purchase included a recent over-the-counter (OTC) acquisition of 45,685 tokens at an average price of $764.
The firm previously announced a $500 million convertible notes deal to fund more BNB acquisitions. Nano Labs aims to secure up to 10% of BNB’s circulating supply, indicating long-term confidence. Currently, 139 million BNB are in circulation from a total capped supply of 200 million.
Also Read: Binance Coin on Fire: Can BNB Price Hit $645 as Bull Pattern Forms?
Derivatives Activity and Technical Indicators Confirm Bullish Trend
According to Coinglass data, BNB futures open interest surged by 19.16% to $1.23 billion. Meanwhile, derivatives trading volume jumped 33.3% to $2.18 billion. These data indicate high speculative activity and an increasing company optimism.
The BNB price is now far above the 20-day simple moving average, which currently stands at $704. This proves a strong bullish trend, anchored by an increase in trading volumes. The technical indicators though, indicate that caution might be required in the short run.
The current price of the BNB is above the upper Bollinger Band, which indicates extreme volatility and bullish value. The relative strength index (RSI) is at 87.54, which is clearly above the overbought 70 mark. It can be an indication of a theoretical short-term pullback, but the uptrend is still there.
BNB Price Rally Outpaces Other Altcoins in Altseason Surge
While other major altcoins also posted gains, BNB led the rally in terms of institutional interest and market impact. Ethereum surged 67% over the month, touching $3,800, while Ripple’s XRP hit $3.65, a new record. Solana reached $200 with a 24% weekly gain but remains below its yearly high.
Dogecoin and Cardano posted double-digit percentage gains, but their prices remain well below previous all-time highs. Dogecoin jumped 35% in a week but is still 64% down from its 2021 peak. Cardano gained 50% in two weeks, yet remains over 70% below its 2021 high.
Despite the strong marketwide performance, BNB price stood out due to consistent institutional backing and a sharp technical breakout. Analysts say momentum could continue if demand holds and macro sentiment stays favorable. Resistance lies at $850 and $900, while support sits near $740 and the 20-day SMA at $705.
News Recap
BNB price hit an all-time high of $801, fueled by institutional interest and technical momentum. Nano Labs was the pioneer in this initiative as it increased its BNB tokens to 120,000. As futures activity and volume level increase, the trend is still bullish, but there are technical indicators that something might be happening. The resistance lies at $850 and $890, whereas the support could lie at the level of $740 and $705.
Also Read: BNB Price Prediction as Bulls Face $662 Showdown: Is a Surge to $700 Next?
FAQs
1. What caused the recent surge in BNB price?
The BNB price surged due to institutional buying, notably from Nano Labs, and strong technical indicators supporting the trend.
2. Who is Nano Labs, and why are they buying BNB?
Nano Labs is a Chinese Web3 infrastructure company acquiring BNB as part of a strategic treasury reserve.
3. Is BNB overbought right now?
Yes, technical indicators like RSI at 87.54 suggest the asset is currently overbought and may see a short-term correction.
4. What are the next support and resistance levels for BNB?
BNB may face resistance at $850 and $900, with support likely at $740 and the 20-day SMA near $705.
5. How is BNB performing compared to other altcoins?
Due to strong institutional demand and momentum, BNB has recently outperformed major altcoins like ETH, SOL, and DOGE.
Glossary of Key Terms
BNB (Binance Coin): A utility token used on Binance’s exchange and ecosystem.
RSI (Relative Strength Index): A technical indicator used to identify overbought or oversold conditions.
OTC (Over-the-Counter): A method of trading assets directly between parties outside traditional exchanges.
SMA (Simple Moving Average): A calculation to identify average prices over a specified period.
Open Interest: The total number of outstanding derivative contracts, such as futures, that have not been settled.
Resistance Level: A price point where an asset faces selling pressure.
Support Level: A price point where an asset finds buying interest.
Institutional Accumulation: The process of large investors or firms buying assets in significant quantities.
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