Judging from the chart, the probability of BNB rising to $793 and above

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Binance Coin [BNB] has strongly broken through the long-term parallel channel, indicating a strong bullish momentum as the market gains attention. As of the time of writing, this altcoin is trading at $718.35, up 0.40% in the past 24 hours, just 9.44% lower than its all-time high of $793.35.

Therefore, the question remains—can BNB maintain its upward trajectory and surpass its peak?

Breakthrough of the parallel channel and price trajectory

The breakout of BNB from the parallel channel marks the end of a consolidation phase that has restricted price movement for months. By breaking through the key resistance level of $650, BNB has opened the door for potential growth.

Moreover, the price action as of the time of writing indicates strong buyer support. The next key resistance level is $750, followed by the psychological resistance level of $800. If BNB maintains this momentum, it could set a new all-time high, with the next important target being $850.

BNB technical indicators show growth momentum

Technical analysis has sent mixed but encouraging signals. The weekly RSI is at 64.82, indicating increasing buying pressure while still being below the overbought threshold of 70.

Additionally, the Bollinger Bands indicator shows expanding volatility, with prices continuing to test the upper band. However, such tests often lead to short-term pullbacks.

Therefore, traders should remain vigilant for corrections while monitoring consolidations above $700, which would indicate stronger bullish momentum.

Social volume and market sentiment

Although social volume has indeed decreased from a recent peak of 169 to a level of 108 at the time of writing, this may indicate a shift in focus from hype-driven trading to sustained institutional activity.

A decrease in social topics typically aligns with price stability, providing a healthier foundation for long-term gains. However, market participants should closely monitor for a resurgence in discussions, as spikes in social activity often precede significant price fluctuations.