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- BNB rallied from $840 to a record $957 in nine days.
- Trading volume and futures activity surged as shorts were liquidated.
- $1,000 is the next key resistance, with $1,100 possible if momentum holds.
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Binance Coin (BNB) surged to a record $957 today, marking its highest price ever as bullish momentum accelerates. The rally, fueled by heavy trading activity on the Binance exchange, has investors now eyeing the $1,000 psychological barrier as the next major test.
Breakout Above $840 Sparks Nine-Day Surge
BNB’s breakout began on September 5 after consolidating sideways for weeks. The token found support-turned-resistance at $840, then surged for nine consecutive sessions. After a brief pullback yesterday, BNB pushed higher today before cooling slightly to $954, still up 9.15% on the day.
This rally has been underpinned by a sharp rise in market participation. Daily trading volume hit $2.79 billion, up 11% from the previous day, showing strong conviction among buyers.
Market Eyes $1,000 as Next Major Resistance
Analysts say $1,000 is the key psychological level now in focus. A clean break above that could open the door to the 1.618 Fibonacci extension near $1,100 if current momentum holds.
Technical indicators also support the bullish outlook. The Relative Strength Index (RSI) has crossed above 70, signaling strong momentum yet suggesting there could still be room for further upside before overbought conditions trigger a deeper pullback.
Also Read: Shocking Twist: Did CZ Secretly Return to Binance After Profile Change?
Short Sellers Squeezed as Futures Activity Soars
According to Coinglass, BNB futures open interest has climbed to $1.75 billion, with 24-hour futures volume reaching $1.67 billion. During the same period, $1.53 million in short positions were liquidated, compared to just $33,060 in long positions—evidence that bearish traders were caught off guard by the surge.
With bullish momentum intact and shorts on the back foot, BNB appears poised to challenge the $1,000 mark soon. Whether it can hold above that level will likely determine if this rally extends toward $1,100—or cools off for a breather.
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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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
