Frenzied market: BNB aims for historical peaks, a 7% increase flattens the shorts!
According to Binance market data, BNB violently broke through $740 yesterday, with a nearly 2% increase in 24 hours, peaking at $765.56 during trading, only 7% away from the historical peak of $794! Market buying pressure surged in like a tsunami, trading volume skyrocketed by 300%, and the short positions collapsed completely. The technical side has sounded the 'golden cross' alarm: the 7-day SMA ($704) is providing strong support, and the MACD histogram is expanding explosively, indicating that upward momentum is not exhausted! However, the RSI has soared to 79.98, entering the overbought zone; short-term corrections are like walking a tightrope, retail investors need to buckle up!
News front:
Three major bombshell good news, igniting a FOMO frenzy among institutions!
Good news one: Maxwell upgrade disrupts the industry!
BNB Chain recently completed the epic upgrade Maxwell, doubling transaction throughput and compressing block time to 0.75 seconds, surpassing SOL and ETH! Developers are migrating their ecosystems like crazy, and BNB is officially crowned as the 'fastest public chain in the world.'
Good news two: $159 million tokens vanished into thin air!
Binance executed its 32nd quarterly burn, permanently destroying 1.59 million BNB (worth $107 million)! The deflation bomb has exploded—circulating supply has sharply decreased, and scarcity overwhelms BTC!
Good news three: Zero fee carnival extended to the end of July!
Binance's 'Zero Fee Carnival' event has been extended, USDT/USD trading is gas-free! User base surged by 50%, daily active users on-chain broke ten million, and BNB's essential demand attributes exploded!
Old Zhu's summary:
Old Zhu is being real with you: BNB surged like a shot of adrenaline, skyrocketing to $740 (current price $740.26), just a step away from the historical high of $794! Buying pressure was like a flood, with a nearly 2% increase in 24 hours, trading volume tripled—the shorts are about to lose everything! But don’t get too carried away, the RSI indicator has already exploded (close to 80), and a short-term correction may occur; holding $720 is safe, if it breaks, get out quickly!
This wave is strikingly similar to the night before the bull market in 2021! Back then, BNB surged from $500 to $800 in just two weeks, and now the technical aspect is even more fierce—MACD red bars are erupting, with a 7-day moving average (at $704) providing support, making it clear that the main force is planning something big!
2. Why the sudden surge? Three major truths!
Truth one: Binance burned $159 million!
Last week, Binance burned 1.59 million BNB (worth $159 million) in the furnace! It's like Apple suddenly destroying its own stocks—burning makes it more scarce, how could the price not rise?
Truth two: On-chain speed surpasses competitors!
BNB Chain has just completed an upgrade, trading speed is astonishing (0.75 seconds per transaction), even faster than SOL and ETH! Developers are flocking to build projects, and the ecosystem is growing exponentially—busier chains mean BNB becomes more valuable!
Truth three: Fee waiver event extended!
Binance USDT trading is gas-free until the end of July, user base surged by 50%! Want to avoid service fees? You need to stockpile BNB first—essential demand is pushing the price up!
Back then, ETH surged due to DeFi; now BNB is carving a path with real utility! A giant whale suddenly transferred 80,000 BNB that had been dormant for three years, clearly indicating a big player betting on the thousand-dollar mark!
Old Zhu's recommendation:
Short-term: Stop loss at $720, add positions above $765!
Long-term: BNB's burn amount will double by 2025, and the deflation bomb continues to explode! Referencing Bitcoin's ETF passing which led to a 3x increase, if BNB goes to the US stock market, $3000 isn't just a dream!
Missed BNB at $500, don't miss it at $1000! Follow for first-hand news and in-depth analysis!