The price of BNB had a strong rally, reaching levels not seen in three years and establishing a new all-time high of $809.31, according to data from CoinMarketCap.
After this peak, the asset was partially corrected to current levels.
At the time this article was written, BNB was trading at $786, with a gain of 3.1% on the day, 12.4% for the week, and 26% for the month. Although the correction has been significant, the more optimistic analysts continue to fuel the fear of missing out.
Even Changpeng Zhao, the founder of Binance, commented on the new ATH on X:
Build and build. BNB. Thanks to all participants in the ecosystem: BTC maxis, ETH holders, meme traders, ETF applicants, public treasury companies, good regulators, and public service builders.
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What is driving the price of BNB to these levels?
The recent surge in BNB is driven by the breakout of major technical resistance levels, accompanied by strong performance in the derivatives markets and on-chain metrics reflecting sustained demand.
But above all, the high of $809 was primarily driven by institutional purchases and a significant increase in trading volume. This raised its market capitalization to over $110 billion.
As observed in previous analyses, Bitcoin's stability in the range of $117,000 to $118,000 has benefited several altcoins, including BNB. Everything indicates that we are entering a phase of capital redistribution, with BTC hitting all-time highs and some of the flow going into alternative projects.
In this context, Zhao also noted that CoinMarketCap's Altcoin Season Index rose to 54 out of 100. This indicator compares the performance of altcoins to Bitcoin and, when surpassing 50 points, suggests that capital is rotating more strongly into the rest of the market:
CoinMarketCap has a seasonal index for altcoins. I'm not sure how accurate it is, but it's on the rise. The FOMO (fear of missing out) season is approaching.
Technical Analysis of BNB: Key Levels to Watch
The charts show a clear upward trend, with BNB approaching a significant resistance zone at $850. Below are the most relevant technical levels:
Resistances:
$793: Previously identified intermediate resistance still represents a barrier before the ATH.
$810: Break of the all-time high. While it is an important reference point, it does not seem to act as a solid ceiling.
$850: top of the ascending channel. A breakout above it would indicate a possible acceleration of the upward trend.
Supports:
$775: level that served as intraday support.
$764: Technical support near the 200-period moving average (EMA 200).
$745: Strong short-term support and low from July 22.
The RSI is at 44, indicating moderate seller dominance. Small pullbacks are expected, followed by a phase of consolidation.
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Important facts about BNB
Open interest in BNB has increased by 24.3%, reaching $1.28 billion. At Binance, the long-short ratio is above 1.7, demonstrating a clear bullish bias among traders.
BNB rose to fifth place among cryptocurrencies by market capitalization, surpassing Solana, which has a market capitalization of over $110 billion.
Additionally, Binance recently received over $11 billion in stablecoins, suggesting a significant influx of capital into the ecosystem. Transactions on the network maintain a high success rate, reinforcing confidence in its infrastructure.
After the daily pullback, the price of BNB remains 3.8% below its new all-time high.