BNB Hits Record High, Runs Past Solana
Binance Coin is posting high buying pressure amid Bitcoin’s most recent correction. BNB has risen by over 20% to a record high of $792 for the day. The altcoin has gained 200 percent in a year.
BNB has a market valuation of about $113 billion and overtook Solana (SOL) to take the fifth-largest cryptocurrency spot. The altcoin’s daily trading volume increased by 153%, hitting $6.28 billion for the day.
CoinGlass’s data showed a notable increase in BNB’s derivatives trading activity. For example, its open interest increased by nearly 40% to $1.05 billion, and its volume increased by 301% to $6.04 billion, indicating increased market activity and growing speculative interest in the token.
The price hit a new all-time high (ATH) amid the bullish run, and it is currently aiming for $800 as the next resistance and support level. With strong bullish interest, a push towards $800 would be possible if this momentum holds. Thus, the outlook for the altcoin’s price trajectory is extremely favorable.
However, this rally might be halted by possible profit-taking by BNB holders. There may be a correction if investors choose to sell their holdings. The price of BNB cryptocurrency may return to its $725 support level in the event of such a decline. The bullish outlook would be nullified and the market might move into a more cautious phase if the price continued to decline.
It is important to note that the motivations behind BNB’s rally are still unknown. It should be mentioned, though, that traders are becoming more cautious of Bitcoin, which doesn’t appear likely to test $100,000, and are looking to other options that were overlooked in the previous weeks.
Investors are playing it safe ahead of Jerome Powell’s speech tonight and Friday’s NFP report because it is sensitive to macroeconomic data. This is because BNB was one of the major cryptocurrencies that benefited the least from the rally sparked by Trump’s election, making it a privileged target for traders searching for “undervalued” opportunities.
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