Having come just shy of a new all-time high, it’s possible bulls could target $1,000 next.
BNB, the native coin of the Binance ecosystem and BNB Chain, is on the cusp of a new all-time high as price hovers near $763 on Monday morning.
This comes amid a robust uptick for altcoins, with Ethereum exploding to $3,800 and XRP eyeing $4.00.
While BNB has only managed a modest 2%, price is retesting last week’s resistance level amid an increase of nearly 9% in seven days.
Despite these small gains compared to other coins, BNB is showing strong technical indicators, alongside a yearly high in Open Interest.
The BNB price has continued to trade higher since breaking above $640 in June.
On Monday, July 21, the altcoin reached an intraday high of $766, a move that saw it come close to hitting its all-time high of $793 reached in December 2024.
As noted, this rally for Binance Coin aligns with an uptick for altcoins across the broader market.
With Bitcoin consolidating after hitting new ATH above $123k, it’s altcoins that are in the limelight this past week.
“With Ethereum leading the way, there has been a huge jump in social media mentions of many altcoins and higher price targets,” analysts at Santiment recently posted.
Ethereum has climbed above $3,800, and XRP is on the verge of a new all-time high.
Bulls have pushed Solana towards $200. Elsewhere, altcoins such as Conflux (CFX) have surged significantly to lead top gainers in leading 100 coins by market cap.
BNB’s market capitalisation has also increased amid the overall upward momentum, hitting above $106 billion as the fifth-largest cryptocurrency targets a new peak.
A look at the charts shows BNB’s bullish outlook has the support of key technical indicators.
Combining this with prevailing market conditions could offer buyers the chance to break higher.
Currently, hovering above $760 puts BNB just shy of the $793 peak.
Profit taking may ensue near the ATH, but Open Interest in BNB futures has soared to a yearly high of $1.04 billion.
Derivatives volume has also jumped to over $1.38 billion, signalling increased trader bets on the cryptocurrency.
The Moving Average Convergence Divergence (MACD) also shows a bullish crossover, confirming sustained upward pressure.
If BNB bulls weather the likely corrections, the next target above the all-time high will be the psychological $1,000 level.
