BNB Reaches All-Time High of $881 Before Slight Correction
Binance's native token BNB reached an all-time high of $881 before slightly correcting to $849, marking a 2.6% increase in 24 hours amidst market consolidation.
- Analysts are assessing the sustainability of this momentum.
- CryptoQuant analyst CryptoOnchain noted that breaking above the $800–$810 resistance has turned it into support.
- The next psychological target for BNB is $900.
- Technical analysis indicates the altcoin is in "price discovery" mode, attracting new inflows and boosting long-term holding confidence.
- On-chain data shows profitability across all major holder cohorts, reducing potential sell pressure.
- Fresh demand is indicated by accelerating short-term gains, supported by sustained accumulation.
- CryptoOnchain emphasizes continued strength as long as BNB holds above the $800 support level.
- Market observers, including analyst BitBull, suggest that flipping long-standing resistance into support positions BNB for further growth, with a potential target of $1,000.
- BNB's rise aligns with its increasing utility within Binance’s ecosystem, maintaining its position among the top five cryptocurrencies by market capitalization.
