Binance Coin [BNB] reached an all-time high (ATH) of $883 after a rebound on August 20.
This altcoin rose 5.45% on the day to $881, briefly extending its gains to $883 before showing signs of a slight pullback. As of the time of writing, the trading price of the coin is $850.
In this momentum, the key question now is whether BNB can break through the $900 mark and reach the psychologically significant $1,000 threshold.
Demand for cryptocurrency bonds is sluggish, but the market remains bullish.
Bitcoin [BTC] and Ethereum [ETH] have both seen multiple demands from crypto bonds and ETFs.
Solana [SOL] is also showing the same trend. However, BNB's momentum may be temporarily hindered.
Windtree Therapeutics recently announced a $500 million BNB funding plan. However, due to not meeting listing requirements, Nasdaq has issued a notice requesting Windtree's common stock to be delisted.
As of now, the company has not clarified how this delisting will affect its BNB fund management plan. Given that Windtree is the first company to launch a BNB fund management plan, this uncertainty could suppress demand in the short term.
Nevertheless, market sentiment around BNB remains bullish. The Delta Skew for one-week and one-day terms has risen significantly, indicating strong demand for short-term call options and bullish bets.
Additionally, over $2 billion flowed into the BNB market in August. BNB's actual market value soared from $88 billion to a record $90.4 billion in just three weeks, highlighting the growing interest among investors in this altcoin.
When narrowing the price chart, the direct obstacle is the multi-year trend line resistance since 2021.
Since the 2.618 Fibonacci extension level also aligns with $1,000, breaking through $900 could push the bulls toward the psychological level of $1,000.
Interestingly, the options market is also expressing similar expectations. In the past 24 hours, call option buying (bullish bets) has concentrated around $900 and $920.
On the other hand, the main target for put options is $820.
In other words, options traders are betting that the price will rebound at $820 and potentially break through new highs at $900.
Overall, BNB still has the potential to break through $1,000. However, bulls are concerned that before reaching the $1,000 target, it needs to first break through the $900 mark.
