Binance Coin (BNB) has been on a steady rise in 2024, now priced at $590, marking an impressive 87% increase year-to-date. However, it’s still 18% down from its all-time high, leaving investors wondering if the coin can reclaim its peak—and perhaps even surpass it. Recent market signals suggest BNB might be primed for a breakout, following a pattern similar to Solana’s recent decoupling from broader market trends.
BNB to Mirror Solana’s Surge?
While BNB’s price has largely traded sideways in recent weeks, Solana (SOL) has outperformed, gaining nearly 5% within the last 24 hours. This makes SOL the best-performing asset among the top 10 cryptocurrencies, as it breaks away from market pessimism. According to BeInCrypto’s research, SOL’s rise occurred even as overall market sentiment remained low, showcasing the altcoin’s ability to defy crowd expectations.
BNB now finds itself in a similar situation. Data from Santiment reveals that the coin’s Weighted Sentiment has turned negative, meaning that discussions surrounding Binance Coin have grown increasingly pessimistic. But this negative sentiment could be setting the stage for a bullish reversal, much like Solana’s recent trajectory.
Chaikin Money Flow – A Positive Signal for BNB
One key indicator backing this potential bullish run is the Chaikin Money Flow (CMF). The CMF tracks capital inflow into a cryptocurrency, providing insights into market trends. On the BNB/USD daily chart, the CMF has been climbing, signaling strong accumulation. When CMF rises, it typically indicates that buying pressure is building up, increasing the likelihood of a price uptick. With BNB’s CMF trending upwards, it suggests that the coin could soon push past the $600 mark.
BNB’s technical chart also shows promising signs. The coin has formed an ascending triangle, a bullish continuation pattern that usually signals a forthcoming breakout. An ascending triangle is defined by a horizontal resistance line and a rising trendline along the lows, indicating that buyers are steadily gaining strength.
Currently, BNB faces resistance at the 61.8% Fibonacci retracement level, around $602. This has historically been a significant barrier. If BNB can break through this resistance, it could trigger a 25% rally, pushing the coin’s price to $730. However, failure to break above this level might see BNB fall to around $564.
Will BNB Surpass Its All-Time High?
With a combination of strong technical patterns and growing accumulation, BNB appears well-positioned for a significant move. The $602 resistance level will be critical in determining whether the coin can reclaim lost ground and push towards $730. If bulls maintain buying pressure, the breakout could happen sooner rather than later.
Also Read: Binance Unveils Crypto-to-Card Feature – Instant Cash For 128M+ Users via Paymonade Partnership
While market sentiment may currently be low, the technical indicators suggest that BNB’s upward momentum could soon accelerate, potentially mirroring Solana’s recent rise. Investors should watch the $602 resistance closely as it could determine whether Binance Coin’s next stop is $730—or whether it faces a temporary pullback.
As BNB approaches key resistance, its next move could define whether it stays stuck in the current range or makes a run towards new highs.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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