BNB Price Broke a Record: Analysts Warned for These Levels

BNB price broke an all-time record for itself. Derivatives analysts warned against fluctuations.

BNB, the fourth largest cryptocurrency in terms of market value, appreciated by more than 11% in the last 24 hours and broke a record by rising to $707.

Campaigns on Binance benefited

The campaigns organized by Binance on the Binance Launchpad and Binance Launchpool platforms positively affected the BNB price.

Users need to purchase and stake BNB in ​​order to earn new tokens on these platforms.

Binance most recently campaigned for Notcoin (NOT), a Telegram-based gaming token. Although the NOTE fell on a daily basis, it gained 129% on a weekly basis.

Analysts warn of decline

Option investors started to take positions cautiously after the rise in price.

PowerTrade CCO Bernd Sischka said, “11,250 BNB options were traded, the strike price of the calls was 600-700 dollars; "The strike price of the puts is in the range of $650-550," he said. “Investors are expecting a lot of volatility as the price pushes for 2024 highs,” commented Sischka.

According to CoinGlass data, BNB had a total open position of $754 million as of yesterday. In the last 24 hours, a short position worth $6.5 million was liquidated.