## BNB Technical Analysis: New All-Time High Approaching
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Following CZ's announcement, BNB saw an almost 6% increase in value over the past few hours. This recent surge has led to a 24% rise in open interest (OI) for BNB in the last 24 hours, indicating growing investor interest in the asset.
Open interest measures the total number of outstanding futures or options contracts that have not yet been settled within a specific period. Historically, BNB's price has often risen alongside increases in OI, suggesting that the token may be gearing up for further gains.
If investor interest continues to grow, BNB could potentially break above the $646 resistance level, reaching values last seen in 2021. However, before surpassing the $646 barrier, it might experience a temporary drop of around 3% to gather liquidity in the daily imbalance range between $631 and $649.
Considering that BNB is one of the large-cap tokens that hasn't reached a new all-time high in the current bull cycle, it may attempt to surpass its previous peak of $686, achieved on May 10, 2021. If BNB falls below $587, the bullish outlook would be invalidated.
