Key Insights:
- BNB price hit an all-time high of $858, powered mostly by institutional demand.
- The token is in a strong uptrend, aiming for $1,000 or $1,200.
- On-chain data and other metrics support BNB’s bullish outlook.
BNB price has skyrocketed and reached a new all-time high of $858. This rally comes from rising institutional interest and strong market sentiment, among other things. Traders and investors are now looking ahead to the next major milestones at $1,000 and $1,200.
BNB Price Powers Through Resistance Levels
The breakout above $800 was a major turning point for the BNB price. The cryptocurrency cleared a strong resistance zone between $740 and $770. With this, it also recorded strong bullish candles and high volume over the weekend, per TradingView.
This move placed BNB into price discovery mode and opened the door to higher levels. The current support now sits around $785 to $795.
As long as the BNB price holds this zone, the bullish trend will likely remain intact. Traders continue to monitor this level and expect short-lived pullbacks as dip buyers step in.
On-Chain Metrics Support a Bullish Outlook
More than the technicals, on-chain data shows a great deal of activity within the network. For example, according to DefiLlama and CoinGecko, TVL on BSC has grown 22% in the past month.
It is now more than $10.2 billion. In addition, stablecoin transactions on BSC broke above $11.1 billion in a week.
Finally, DEX volumes hit $3.4 billion while the number of active addresses rose 40%, to 33.7 million. This surge in user engagement and liquidity reinforces the price rally by a great deal.
The Binance platform continues to attract both DeFi users and developers. This, in turn, adds to the overall value proposition of BNB.
Institutional Demand Adds Fuel to the BNB Price Rally
One of the biggest drivers behind the recent BNB price movement is institutional buying. Windtree Therapeutics recently announced plans to rake in up to $700 million worth of BNB. The company has already raised $520 million in additional funding to support this move.
Chinese chipmaker Nano Labs is also accumulating BNB, and is targeting up to 10% of the token’s total supply. These moves show that BNB is no longer just a utility token. Instead, it is becoming a strategic asset for large corporations, just like Bitcoin.
Meanwhile, Binance’s improved custody solutions are helping to attract these larger investors. The company now boasts over 282 million registered users, in a show of its appeal.
Higher Targets: $1,000 and Beyond
BNB price is currently in a strong uptrend and has been forming higher highs and higher lows since April. Analysts now see $900 as the next target, with $1,000 acting as a psychological level.
If BNB clears $1,000 with strong volume, the path to $1,200 will become all the more realistic. Some bulls are eyeing a longer-term move toward $2,000, especially if Bitcoin and the broader market continue to rise.
Token Burns and Scarcity Boost Value
BNB’s supply is also tightening thanks to its quarterly token burns. For example, in June alone, Binance burned 1.2% of BNB’s circulating supply. This deflationary mechanism reduces the number of available tokens. This can push prices higher as demand increases.
So far, BNB price has surged and is fighting for a spot among the top five cryptocurrencies. It recently overtook Solana (SOL) in market cap and extended its lead after the latest rally.
At $119 billion, BNB’s market cap is now competing with major companies like Nike. Its dominance index has also been up 3% in the past month, showing that it is gaining a bigger share of the total crypto market.