Can BNB reach $1,000 in 2024?

Although the price trend of BNB has not been optimistic since the beginning of the month, this rapid pullback still caught many holders by surprise. According to AMBCrypto analysis, this round of plunge was mainly caused by a large amount of selling in the market.

In addition to market selling pressure, the significant reduction in BNB chain activities is also an important factor leading to the price drop. According to DappRadar data, the number of unique active wallets (UAW) on the BNB chain has dropped sharply by 9.14% in the past seven days. As a key indicator of user activity on the blockchain, the decline in UAW reflects the reduction in demand for cryptocurrencies and the reduction in interaction in the ecosystem.

At the same time, changes in the total value locked (TVL) also have an impact on BNB prices. TVL represents the value of assets locked in the blockchain, and recent data shows that more than $5 billion in value has fallen below the set threshold compared to 30 days ago, which further indicates a decline in confidence among market participants.

From a technical analysis perspective, BNB shows strong support for bulls at $469.60 on the 4-hour chart. The price has rebounded from that low and is currently trading at $479.90, suggesting that a retest of the $500 mark may be imminent. The relative strength index (RSI) had previously fallen into the oversold region, but has now begun to recover, showing that market momentum is gradually leaving the bearish zone.

If this trend continues, BNB price is expected to rise again and consolidate above $500. The money flow index is also showing signs of reaccumulation, and once it breaks through $500, BNB price may try to touch $526.90.

However, despite the upside potential, BNB's value may find it difficult to approach its all-time high in the short term, let alone $1,000.

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