Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange, has surged 7% in the past 24 hours.
This uptrend reflects the overall positive trend in the market and puts BNB ahead of the top five cryptocurrencies in terms of performance. Interestingly, BNB has achieved a major milestone as it surpassed its yearly high of $645 in March, with the coin reaching a high of $673 as of Tuesday.
Is BNB on track to hit $1,000?
Well-known market expert “Sniper Sheldon” believes that BNB will become one of the leading altcoins in the current bull run, and if the current uptrend continues, the target price will reach $1,000.
Shelton expressed an optimistic outlook, saying Binance’s token “looks very bullish” and is expected to surpass its all-time high of $686 set in May 2021, although that level is currently down 2.2%.
Another cryptocurrency analyst named Kaleo drew attention to the disruptions surrounding Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), and emphasized that BNB is about to enter a “price discovery phase.”
Kaleo reminds that BNB played an important early leadership role in the last bull run, suggesting that history may repeat itself in the current market cycle. During the 2021 bull run, BNB experienced a massive 50% increase by the end of 2021.
Additionally, regulatory scrutiny of Binance has significantly decreased following the April conviction of the exchange’s CEO, Changpeng Zhao. This puts the crypto platform and its native token in a good position to capitalize on an expected surge in institutional inflows and trading volumes.
Trading volume surges to $2 billion, market cap reaches $100 billion
Data from CoinGecko shows that BNB’s trading volume has increased significantly by 15% in the past 24 hours, reaching a staggering $2.3 billion compared to the previous trading day. Binance Coin’s market cap currently stands at $102 billion, showing a clear upward trend as it has increased by more than $6 billion in just 24 hours, highlighting renewed investor interest and capital inflows.
The sustainability of BNB’s uptrend remains uncertain, and it is crucial to monitor key levels in various potential scenarios, including a continued bullish momentum or a price correction. If the bullish trend continues, the next significant resistance levels on the BNB/USD daily chart are $671 and $676, respectively. These levels represent a three-year hurdle for the coin that must be overcome for further gains.
Conversely, it will be crucial for the bulls to defend the $633 level because a breakout between this support and the current price of $668 could result in heavy losses in gains if it is retested.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
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