Why the BNB now? Price leads to $ 1.2k as chain activity increases and institutional demand increases
The BNB, the token that empowers the BNB chain and is used for discounts on Binance fee, rally at more than 4% in the last 24-hour period, pushing the past $ 1,200 and holding an intraday high of $ 1,223.
The move is that -fuel by the sharp volume of spikes, updated institutional interests, and increasing network activity. The rally aligned with the BNB chain that reclaims its place as the most used blockchain of active addresses.
In September, it swallowed 52.5 million active addresses, which exceeded Solana for the first time since August, according to Tokenterminal data. Behind the activity was a sharp increase in decentralized trading and lending to the Aster’s protocol, which saw the total amount locked to jump 570% to $ 2.34 billion, per Delete.
Signs of retail also appear. A high-profile memecoin trader has been reported to have been reported Been a $ 3,000 bet on nearly $ 2 million After a post of Binance founder Changpeng Zhao has triggered a sense of interest.
Advancement comes next to a broader institutional relationship. The manufacturer of the electric vehicle Jiuzi Holdings and the Germ Crypto Fund of Kazakhstan both added BNB to their wealth.
It is also noteworthy that the BNB benefits, along with the broader crypto market, from expectations that the Federal Reserve will cut interest rates by 25 bps later this month, and from a recent upgrade where the BNB chain reduced the minimum gas fee To 0.05 gwei.
Overall -analysis of technical analysis
BNB exchanged with a wide range of session, moving between a low $ 1,148.12 and a high $ 1,223.08, according to the technical review model of CoinDesk’s technical research data.
The price is closed to $ 1,201.13, marked a 2.27% gain within a 24 -hour window. The most prominent price action came as BNB pushed $ 1,200 to a spike in trading volume, with an explosion of activity reaching nearly five times the sun -average. That progress in the volume in conjunction with Intraday High, which now marks a major resistance zone around $ 1,223.
The support emerged clearly at $ 1,148 to $ 1,158 range, where the purchase of pressure continued to appear throughout the session. Each sinking in this zone attracts new demand, suggesting institutional orders can be placed at these levels.
The wider trend remains upward, with a price action that reflects stable accumulation and a consumer willingness to absorb volatility.
However, a sharp return to the late session signed a care. After testing the $ 1,215 area, BNB quickly dropped to $ 1,201, cutting the earlier acquired.
The elevated volume during that pullback suggests getting the income instead of the seller’s panic, likely from larger holders that combine the resistance near recent highs. Despite the retirement, BNB retains most of its acquisitions and will be held above the $ 1,200 mark, maintaining the current rally.
Denial: Parts of this article were formed with assistance from AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s entire AI policy.
