BNB, the native token of the BNB Chain network, marked a new all-time high (ATH) in US dollars on July 27, reaching a price of 827 dollars per coin, after rising 10% in the last 24 hours.
At the time of this writing, the price of the cryptocurrency created by the Binance exchange has slightly retraced to 816 dollars.
According to cryptocurrency analyst AkaBull, the price of BNB crossed a resistance zone on the 10-day chart located at 780 dollars that it had not broken in the last two years and remains above it.
This bullish breakout may have served as a positive signal for investors, thereby increasing the demand for BNB, which drove its price higher.
Among other factors that promoted the rise of BNB, the trader highlighted: "Binance remains the number one exchange, and companies are buying BNB for their treasuries. All this demand will surely push BNB above 1,000 dollars for the fourth quarter and possibly to 1,800 or 2,000 dollars at the peak of the cycle."
Additionally, as explained by CriptoNoticias, the BNB Chain network anticipated the bullish movement of its cryptocurrency, registering a notable increase in on-chain activity. For example, from May until now, daily transactions have increased by almost 200% and active accounts by 127%. Since the native token of BNB Chain has surpassed previous resistance levels, leaving historical references behind, it now enters unknown territory as the market seeks to establish new support and resistance points. $BNB
