BNB price fell over 3% in the past 24 hours, as profit-taking, market-wide corrections, and cooling derivatives activity weighed on the token after it hit a record high last week.
BNB Slides After Record Surge
BNB, the native token of the Binance ecosystem, dropped 3.02% to $777.19 on Friday after recently reaching an all-time high (ATH) of $859.56 on July 25. The correction comes after BNB rallied 19% over the past month and surged 10.7% in the past week, triggering a natural wave of profit-taking among traders.
The 14-day relative strength index (RSI), which peaked at 76.04 (overbought) during the rally, cooled to 61, a signal that BNB’s overheated momentum is easing. Similar RSI peaks in past cycles have often been followed by short-term pullbacks.
Crypto Market Weakness Adds Pressure
The broader crypto market also weighed on BNB. The total crypto market cap fell 3.2% in the past 24 hours, with $630 million in long positions liquidated on Aug. 1, according to Coinglass. BNB accounted for a portion of those losses, while its 24-hour trading volume slipped 4.68% to $2.87 billion, reflecting reduced buying interest.
Key Technical Levels to Watch
BNB is now testing important technical zones:
Rejection at $793 pivot: BNB failed to sustain a breakout above this level.
Support at $777.55: Fibonacci 38.2% retracement could provide a short-term floor.
Resistance from liquidations: The $808–$834 zone saw over $200M in liquidations, creating heavy overhead resistance.
Despite the short-term weakness, BNB remains well above its 200-day EMA ($654), which acts as long-term support.
Institutional Buying Hopes vs. Reality
BNB’s rally in July was fueled partly by speculation of major institutional accumulation — including CEA Industries’ plan to raise up to $1.25 billion to buy BNB. But so far, there’s little on-chain confirmation of those purchases, leading some traders to book profits while waiting for hard evidence of institutional demand.
BNB’s latest dip appears to be a healthy correction after a powerful rally, rather than a sign of structural weakness. Short-term sentiment hinges on whether BNB holds support at $777 and whether institutional buyers step in to validate bullish expectations.
With BNB’s deflationary tokenomics (1.94 million tokens burned last quarter) and long-term growth of the Binance ecosystem, many analysts believe the token’s fundamentals remain strong — but short-term volatility will likely continue as the market digests recent gains.
