According to crypto.news data, BNB reached a new all-time high of $1,110.9 on the morning of October 3 (Asian time), surpassing its previous record of $1,076 set just two weeks ago. At the time of writing, it was trading around $1,100, marking a 31% increase from last month’s low and a 107% rise from its lowest level this year.
The daily chart highlights a strong bullish trend since late June, with BNB breaking a key resistance level at $797.7, last seen on December 4. It has climbed above all major moving averages, and the 50-day SMA has crossed above the 200-day SMA, forming a bullish golden cross—a pattern historically associated with extended rallies.
Additionally, since the start of its rally earlier this year, BNB has been moving within an ascending parallel channel, further underscoring the strength of its uptrend.
In technical analysis, this pattern appears when an asset trades within two upward-sloping parallel trendlines. It generally signals a sustained uptrend, suggesting that gains may continue as long as the price stays within the channel. A breakout above the upper trendline acts as an even stronger bullish indicator, often signaling accelerated upward momentum.
Meanwhile, the MACD lines are trending upwards with expanding green histograms, and the Aroon indicators show the Aroon Up at 100% and the Aroon Down at 50%, highlighting that buying pressure is clearly outpacing selling pressure.
With October already showing signs of a risk-on sentiment, consistent with its historical tendency to favor gains for both Bitcoin and altcoins, BNB is likely to continue its rally toward the key $1,200 psychological resistance.
A decisive break above this level could boost bullish confidence, paving the way for further upside, potentially reaching $1,550 in the coming months. This target, based on an extended Fibonacci retracement, represents a 41% gain from its current price.
Bullish Catalysts Supporting BNB Price
Several factors are currently driving optimism for BNB and could continue to support price gains this month.
Network Upgrades: Traders are encouraged by recent upgrades to the BNB Chain, including the reduction of the minimum gas price to 0.05 Gwei, with additional improvements expected in the coming months.
Rising Network Activity: BNB Chain activity has surged, fueled by strong performances from chain-based projects such as Aster and PancakeSwap. Investor confidence is rising, with the total value locked (TVL) on the chain climbing 2.2% in the past 24 hours to $14.67 billion, while stablecoin supply grew from $11.5 billion to $13.46 billion over the past week. Active addresses have increased to 2.31 million, up 8% in a single day, and network fee revenue has jumped to $4.41 million, largely driven by PancakeSwap.
ETF Optimism: Investors are also pricing in a near-certain approval of a spot BNB exchange-traded fund (ETF) in the U.S., following the SEC’s recent withdrawal of delay notices for multiple ETF applications.
Growing Treasury Demand: BNB is gaining traction as a treasury asset. China-based Jiuzi Holdings announced plans to include BNB in its $1 billion crypto treasury, while Kazakhstan’s state-backed Alem Crypto Fund, in partnership with Binance, reportedly plans to make BNB its first portfolio asset.
