Binance's BNB rose on Tuesday after the U.S. Securities and Exchange Commission (SEC) decided to dismiss a years-long lawsuit against this crypto exchange last week.
The token price increased from $650.28 to $673.70, equivalent to a 3.6% increase, before trading sideways and undergoing a slight correction back to the $665 area.
The SEC's actions help reopen some previously restricted USD deposit features, including ACH bank transfers, marking a partial recovery of Binance's fiat channels on the U.S. platform.
This moment further fuels BNB's bullish run in the context of global financial market instability, such as changing trade policies and increasing uncertain macroeconomic factors.
Meanwhile, on-chain data shows that BNB Chain processes daily DEX trading volumes of up to $14 billion, surpassing the total volumes of Ethereum and Solana combined. This demonstrates that BNB Chain remains an important exchange in the crypto market despite being closely monitored by regulations.
Overall technical analysis
Technically, BNB shows strong accumulation signs according to CoinDesk Research's analysis model.
The price forms an upward channel, reaching a temporary peak near $673.70 before making a slight adjustment and maintaining above the important psychological level of $665.
Trading volume spiked around 01:00, and buying pressure increased around $665.32, stabilizing the price, indicating strong buying interest in this area.
If this support area holds, traders may view this as a sign of the beginning of a long-term uptrend, especially as regulatory pressure has somewhat eased.
