What to know:

$BNB rose 2.8% to $688.7, driven by a combination of the broader cryptocurrency market rally and a fresh $1 billion token burn.

The token burn is part of the token's deflationary strategy to cut the total supply to 100 million tokens.

Growing interest in using BNB as a corporate treasury reserve is also driving demand, with over 30 teams working on structuring public-company treasury reserves in BNB.

$BNB is edging closer to the $700 mark as traders responded to a fresh $1 billion token burn and growing interest in using the asset as a corporate treasury reserve.

Technical Analysis Overview:

  1. $BNB gained 2.77% over the 24-hour period, signaling solid upward momentum, according to CoinDesk Research's technical analysis model.

  2. Price ranged $27.51 (4.11%) between a low of $667.61 and a high of $695.12.

  3. Trading volume spiked to 155,426 tokens at the close of yesterday’s trading, more than double the 24-hour average of 64,169.

  4. Resistance is visible near $695.12, while support has emerged around $667.61.

  5. After the initial rally, prices consolidated within a narrow $1.51 band from $688.81 to $690.73.

  6. Strong support has settled near the $688.80-$689.00 zone.

  7. The market briefly tested resistance at $690.73 before easing back in a controlled pullback.

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