Look who's having a good day! BNB just hit $800, and now trading around $803, a solid 4% gain in the last 24 hours, and an impressive 14% rise over the past week. As of now, it's ranked #5 by market cap, tipping the scales at over $110 billion. And guess what? Trading activity has exploded, daily volume is up 42%, hitting more than $3.2 billion.
BNB’s breakout isn’t just a coincidence. According to Coinglass data, futures open interest soared by 19.16% to $1.23 billion, and derivatives volume shot up by 33.3% to $2.18 billion. These numbers scream one thing: speculation is on the rise, which usually means fresh investments and a whole lot of optimism for more growth.
The Big Money Players Are In
Institutional interest is playing a huge role in BNB’s surge. On July 22, Nano Labs Ltd, a Web3 firm out of China, revealed it had raised its BNB holdings to a staggering 120,000 tokens, worth around $90 million. The firm didn’t buy these on a whim either; they made over-the-counter purchases at an average cost of $707 per BNB. And guess what? They plan to keep loading up on BNB. Seems like they’re treating it as a core strategic reserve. Big money thinks BNB’s got legs, so why not hop on?
So, what’s next? Analysts over at CoinCodex are feeling pretty bullish, predicting BNB price could reach $1,100 by November 2025 if momentum keeps up and institutional support doesn’t dry up. But here’s the thing: Even though BNB’s flying high, technical indicators are starting to show some signs of overheating.
Is BNB Getting Too Hot to Handle?
Looking at the charts, BNB is trading above the upper Bollinger Band, basically saying, “Hey, this bull run is strong, but we might be getting a little too wild.” The relative strength index (RSI) is sitting at a sky-high 87.54, way above the overbought threshold of 70. This means buyers are still in control, but don’t be surprised if we see a little dip soon.
That said, BNB is holding strong above its 20-day simple moving average, now at $704. This is a good sign; it shows the uptrend is still solid. Plus, volume is increasing, so it’s not just a price spike; it’s backed by real buying power.
BNB could be eyeing the $850 mark next, with $900 as the big resistance. But, if the RSI cools off or we see a pullback, expect support around $740 or even back down to the 20-day SMA at $705.
Looks like BNB is on a rocket ship to the moon. Just don’t forget to fasten your seatbelt, because there could be a few bumps along the way!
Alex Shepel
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