On August 12, Abu Dhabi-based MGX announced a $2 billion investment in Binance, setting a record high. Subsequently, Binance Coin (BNB) hit a new high.

This deal is entirely funded by stablecoins, marking the largest single investment in cryptocurrency history. Within 48 hours of the announcement, BNB surged over 15%, breaking through key resistance and reaching an all-time high of $864.

This rally coincides with strong demand from businesses for major altcoins, with both Ethereum and BNB valuations nearing all-time highs, while Bitcoin has also reached a historic peak.

Technical outlook: Bullish but overbought

Despite the bullish market sentiment, technical indicators suggest caution in the short term. The Relative Strength Index (RSI) for BNB is above 70, firmly in the overbought territory, indicating a potential pullback in the short term.

However, the Moving Average Convergence Divergence (MACD) remains bullish, with the MACD line well above the signal line, and the green histogram bars indicate sustained momentum.

Key resistance is at $861.10, and if this level is effectively broken, it may trigger momentum buying, with the potential to break through the psychological barrier of $900 within the next 30 days, possibly even reaching the $950-$1,000 range. Recent support is around $820-$830, with stronger support at $730.01 and $639.16.

Trading volume remains strong, with over $345 million traded in the last 24 hours, indicating liquidity still supports larger fluctuations. The 7-day moving average ($819.47) and the 200-day moving average ($652.67) are both trending upwards, confirming the strength of the overall upward trend.

BNB price target: Is $1,000 within reach or about to cool down?

Analysts remain cautiously optimistic. With bullish expectations, BNB is expected to rise to $950-$1,000 within a month, provided it can stay above $850 and break through the resistance level of $861. If BNB experiences a slight pullback and the RSI indicator declines, it may create an attractive entry point before the next rally.

However, if it fails to maintain above $850, it may drop 13% towards $730. Given the current fundamentals, the likelihood of further pullback to $639 remains low, but if the market turns bearish, this possibility cannot be ruled out.

Currently, the development of record investment news, strong technical momentum, and robust market sentiment has firmly placed the $1,000 milestone on the radar, but traders should expect volatility during the upward process.