Key Insights
- BNB price recently set a new all-time high above $880 and has been a significant source of investor optimism.
- Institutional buying and the shrinking exchange supply are some of the fuel sources for the rally.
- Analysts expect BNB to test $900 soon, and now see $1,000 as a realistic target.
BNB price set a new all-time high above $880, and many analysts are now watching it. Despite a mixed performance across the crypto market, Binance’s native token has shown great strength so far.
Bitcoin struggles to shake off its downtrend. However, BNB is pushing higher and is making many traders wonder if $1,000 is the next big milestone.
Institutional Buying Pushes BNB Price Higher
Over the past week, the BNB price broke through the $850 resistance zone after several failed attempts. At some point during the week, the token surged to $883 before correcting downwards again.
The asset trades near $850, but analysts believe this consolidation may be the next stage for another breakout.
One of the biggest drivers behind the price surge in BNB has been the demand from the institutional side. For example, on August 18, BNB Network Company (BNC) announced that it had purchased 325,000 BNB worth $283 million.
Similarly, Windtree Therapeutics also announced a $60 million BNB purchase earlier. These large-scale BNB buys have created a supply squeeze across many major exchanges.
Interestingly, the circulating supply of BNB on exchanges dropped from 28.5% to 22.6%. This has tightened the availability of the asset as demand surges.
The resulting imbalance has fueled the upward push on the asset’s price, with daily trading volumes rising over 21% recently.
Crypto analyst Rand noted that the BNB price has been making consistently higher lows since March. The analyst expects the bullish trend to continue into the rest of the year, especially as $1,000 is within reach.
BNB Price Technicals: Is $900 Next?
BNB price is now in what traders call “price discovery mode.” By this, traders mean the cryptocurrency has broken above all previous resistance zones. The move above the $800–$810 level has now flipped this range into support, and prices can only trend higher.
Technical analysts are now looking towards $905 as the next viable resistance. This level is essential because it aligns with the 127.2% Fibonacci continuation level. Options market data also shows some strong interest in call contracts, which are around $900 and $920.
If BNB clears the $900 resistance, many analysts expect the path to $1,000 to open very quickly. On the downside, the $800 zone is the next support level. Bulls must defend it to maintain the steady pricing for BNB.
On the other hand, some analysts expect the cryptocurrency to trend lower before becoming a “viable” buy.
For example, Altcoinpedia on X said that BNB needs to hit the $650–$700 zone to become a “safe” buy. Altcoinpedia says this level offers “lower risk and better upside”.
Analysts Agree On $1,000
Market observers have shown great confidence that the BNB price has more room to grow. A popular analyst known as BitBull recently commented that BNB’s multi-year resistance has now been flipped into support.
Public companies are buying BNB for their treasuries. Also, the analyst believes that $1,000 is only a matter of time. Meanwhile, the BNB price has consolidated to nearly $850 after setting its most recent high above $880.
Traders are now watching $900 as the next resistance for the asset. Also, if BNB clears it, the $1,000 zone could quickly come within reach. While short-term corrections are possible, sentiment around BNB is positive. The asset looks promising for growth for the rest of the year.
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