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BNB Surpasses Solana's Market Cap Amid Market Retrace—Is a $700 Breakout Imminent?

BNB led today's market retrace with a 9% gain, surpassing Solana in market cap. Experts suggest BNB may aim to reclaim the $700 level and achieve new highs.

On Wednesday, Bitcoin (BTC) fell to a one-week low of $94,000, while most top-10 cryptocurrencies declined. BNB, previously known as Binance Coin, reached a 12-day high of $689. It had a robust Q4 2024, regaining the $700 resistance and hitting $750 in December.

However, early-year retraces stalled BNB's momentum, dropping it below $700 to the $680-$660 range on Inauguration Day. Following the DeepSeek downturn, BNB hit its lowest value since September, falling under $500 and causing market uncertainty. Since then, it has rebounded 34% from recent lows, reclaiming significant support levels and rising 9% to retest the $660 and $670 resistance zones.

BNB was the only cryptocurrency in the top 10 by market capitalization to gain on Wednesday morning, surpassing Solana to become the fifth-largest by market value at $96 billion. According to Lookonchain, BNB has processed 68.3 million transactions in the past 30 days, solidifying its position as the top EVM chain.

Is a $700 Breakthrough Possible?

Crypto experts believe BNB is poised for a significant move as it approaches a critical resistance zone between $660 and $680. The cryptocurrency faces several technical challenges in this area, including the 200, 100, and 50 Simple Moving Averages (SMA), the 0.382 Fibonacci retracement level, and the TD Sequential resistance trendline.

Analysts indicate that breaching these levels could signal a major upward movement. Additionally, expert Elja Boom noted that BNB appears to be following a breakout pattern similar to its trajectory in 2021, hinting at a potential leap to new highs.

According to Odaily, U.S. President Donald Trump and Elon Musk were interviewed by Fox News on February 14. During the interview, Trump was asked about certain U.S. media outlets attempting to create division by referring to Musk as 'President Musk.' Trump expressed that he is accustomed to such tactics, noting that some individuals aim to drive a wedge between him and Musk by spreading similar rumors. However, he stated that these efforts have been unsuccessful, as he would not have been elected President if the media were effective in tarnishing his image. Musk, seated beside Trump, nodded in agreement with Trump's remarks.