Today, BNB surpassed $850 for the second time in as many months and is on the verge of a new all-time high.
At the time of writing this text, the price is being negotiated at $843, with daily gains of 3.2%, weekly gains of 10%, and monthly gains of 21.4%. Analysts are again projecting a target of $1,000:
"BNB is moving very well. $1,000 is the closest target. We will get there."
Crucial week for the cryptocurrency ecosystem: record BTC purchases, fraud charges, and a controversial arrest.
What is driving the price of BNB?
The price of BNB, like that of most major altcoins, is being driven by BTC's return to the $121,000 level, approaching its all-time highs again. In addition, there is a favorable macroeconomic scenario: the U.S. Consumer Price Index (CPI) remained stable compared to June but rose by 2.7% compared to July last year, fueling expectations of a possible interest rate cut next month.
Low inflation has reduced fears of recession and strengthened risk appetite in financial markets, favoring greater investment flows into cryptocurrencies, with sustained inflows into ETFs and the possibility of prices reaching new highs before the fourth quarter of 2025.
Another key factor in BNB's recovery is strong institutional investment. Recently, a funding round of $500 million led by BNC Network, formerly known as CEA Industries, was completed. Additionally, media reports indicate that other companies, such as Nano Labs and Windtree Therapeutics, plan to create their own BNB treasury funds.
The change also reflects renewed interest in exchange-backed tokens and greater confidence in the long-term fundamentals of BNB.
Technical Analysis of BNB
On the charts, BNB remains in an upward channel. Last week, bears attempted to reverse the trend, but bulls regained it.
Resistance levels to watch:
$859: Strong resistance, where the price was rejected today, forming a double top. This coincides with the all-time high.
$880: If the all-time high is broken, this would be the next relevant level.
$900: Significant psychological resistance, with a high likelihood of liquidations as the price approaches $1,000.
Support levels to consider:
$838: daily low, immediate support aligned with the 50 EMA (the 20 EMA has already been lost).
$817: Intermediate support, although less solid.
$792: Strong zone, where the price bounced twice, forming a double bottom.
The RSI at 48 points reflects a balance between bulls and bears, suggesting that there are no extreme movements in the short term.
Cryptocurrency prices react to the U.S. CPI inflation report.
Relevant data about BNB
BNB reached a market capitalization of over $118 billion, surpassing the value of companies like Robinhood, Nike, and Starbucks, demonstrating increasing institutional interest.
The BNB network also attracted more liquidity last week, with trading volume on its decentralized exchanges (DEXs) increasing by 66% to $31 billion, confirming the increased use and utility of the network.
Currently, the BNB token has 139,287,849 units in circulation, out of a maximum supply of 200,000,000. In July, the BNB Chain led decentralized exchanges with a volume of $5.06 billion.