BNB Reaches All-Time High of $1,112 with 30.59% Volume Increase

BNB has reached a new all-time high of $1,112.54 following a 5% price increase and a 30.59% rise in trading volume. The token is currently trading at approximately $1,089 fueled by positive sentiment in the DeFi ecosystem and centralized markets.

DeFi Growth and Increased Activity

Total Value Locked (TVL) on the BNB chain has hit $8.163 billion, ranking it as the fourth-largest DeFi chain.
Decentralized exchanges see rising activity with over $3 billion in trading volume in four days. PancakeSwap generated $1.51 million in fees within the last 24 hours.
The stablecoin supply on the BNB Chain increased by more than 6%, reaching $13.464 billion. Binance deposits set a new record at $207.057 billion.

Derivatives Market Overview

Open Interest (OI) for BNB rose by 12% to $2.11 billion, indicating risk-on behavior with more long positions opened.
The OI-weighted funding rate is at 0.0123%, suggesting traders are paying premiums to hold longs.
Short liquidations amounted to $6.44 million, vastly exceeding $307,880 in long liquidations.

Technical Analysis: Price Targets and Risks

BNB is trading within an ascending channel, with immediate support at the upper Bollinger Band around $1,078.
Potential resistance is between $1,180 and $1,200; breaking this could push prices towards $1,250.
The RSI at 68.5 indicates potential overbought conditions, with possible pullbacks to support levels near $1,000 or $905.

BNB price chart with RSI and Bollinger Bands | Source: TradingView

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