Binance Coin ($BNB ) Surges Amid Market Volatility: Will It Break $800?
Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange, is experiencing heightened volatility as it capitalizes on a global crypto trading frenzy. After peaking at $794 on December 4, BNB's price has settled around $720, reflecting an 8.6% pullback from its record high. With a market valuation exceeding $100 billion, analysts are closely watching for another potential breakout in the coming weeks.
The surge in $BNB ’s value has been fueled by increased trading activity on Binance, which processed 36% of the $986 billion in global cryptocurrency trades last month. November saw trading volumes spike to $2.71 trillion—the highest monthly total since 2021—following President Trump’s re-election and his pro-crypto policies. Traders flocked to the market, taking advantage of Binance’s fee savings of up to 25% for BNB holders, further driving demand for the token.
Currently, $BNB is finding critical support at $675, with $800 emerging as a key resistance level. Indicators such as Bollinger Bands, Parabolic SAR, and BullBear Power (BBP) suggest the token may be preparing for a breakout. Bollinger Bands reveal a narrowing range, often signaling consolidation before a significant price move. Meanwhile, the Parabolic SAR has shifted below the price candles, indicating upward momentum, and the BBP is showing increasing buying power.
If BNB maintains its bullish trajectory and sustains support above $675, analysts predict a breakout above $800, with $850 as the next target. However, a breach below the $675 level could invalidate this optimistic outlook. With Binance already processing $350 billion in trades in the first nine days of December, rising trade volumes and volatility could further fuel speculative interest, paving the way for another significant price rally.
