BNB Token Increases 3.6% Following SEC Lawsuit Dismissal
Binance's BNB token increased following the U.S. Securities and Exchange Commission's dismissal of its lawsuit against the exchange.
- BNB rose from $650.28 to $673.70, a 3.6% increase, before stabilizing around $665.
- The SEC's decision allowed the resumption of U.S. dollar deposit features on Binance's U.S. platform.
- On-chain data indicated BNB Chain processed $14 billion in daily decentralized exchange volume, exceeding Ethereum and Solana combined.
Technical Analysis Overview
- BNB displayed strong accumulation patterns with price action forming an ascending channel.
- A volume spike at 01:00 and buying interest near $665.32 helped stabilize the price.
- Continued support at this level could signal the start of a bullish trend as regulatory concerns ease.