BNB, the native cryptocurrency of the Binance ecosystem, has soared to a new all-time high of $801.
The successful completion of the milestone follows a 4% increase in the past 24 hours and a 14% increase in the past week.
BNB is currently ranked #5 in market capitalization, with a value that surpasses $110 billion at the time of publication.
Additionally, there has been an increase in trading activity in the vicinity of BNB. The daily volume increased by 42% to exceed $3.2 billion.
BNB futures open interest increased by 19.16% to $1.23 billion, while derivatives volume increased by 33.3% to $2.18 billion, as per Coinglass data.
These figures indicate an increase in speculative activity, which is frequently linked to optimism for future growth and new investments.
Institutional interest is a significant factor in this breakout. Nano Labs Ltd., a Web3 infrastructure firm headquartered in China, disclosed on July 22 that it had increased its BNB holdings to 120,000 tokens, which are estimated to be worth $90 million.
The company executed over-the-counter purchases at an average cost of $707 per BNB and declared that it regards BNB as a core strategic reserve asset. Nano Labs intends to augment its BNB reserves using additional acquisitions and prospective investments in entities specializing in BNB holdings.
This surge in demand bolsters bullish forecasts. If momentum persists and institutional support remains robust, BNB may reach $1,100 by November 2025, according to CoinCodex analysts.
Conversely, technical indicators indicate that BNB may be on the brink of overheating, despite its robust upward trajectory. BNB is currently trading above the upper Bollinger Band on the daily chart, which suggests substantial bullish momentum and high volatility.
The relative strength index, currently at 87.54, is significantly above the overbought level of 70, suggesting that investors are in control. However, this also raises the possibility of a short-term decline.
BNB’s current price of $704 remains firmly above the 20-day simple moving average, suggesting a robust uptrend structure. The move has been confirmed by the increase in volume, which has occurred concurrently with the price.
BNB may pursue the psychological $850 level if momentum persists, with $900 functioning as the subsequent substantial resistance level. If the RSI decreases or a retracement occurs, BNB may encounter support at approximately $740 or the 20-day SMA at $705.
