BNB experienced a significant upward trend recently, with its price surging by more than 33% in the past month. This surge has brought BNB tantalizingly close to its previous all-time high, standing just 10% below that level.
To assess the sustainability of this rally and its potential to drive BNB towards a new all-time high, CryptoCrypto conducted an in-depth analysis.
Approaching the Previous All-Time High
In June 2024, BNB reached its all-time high at $717 before stabilizing within a higher price range. Moving into November, the coin experienced significant growth, likely fueled by the overall bullish market conditions. Another 10% increase in price would see BNB retesting its previous all-time high.
The recent price upswing of BNB was notably accompanied by a surge in trading volume, a fundamental component for sustaining a bullish momentum.
Furthermore, the weighted sentiment for BNB surged multiple times, indicating a growing bullish sentiment and a strengthening investor confidence in the coin.
Potential for a New All-Time High
With BNB inching closer to its previous all-time high, CryptoCrypto delved deeper into the on-chain data of BNB. The long/short ratio saw an increase within a 24-hour period, signaling a higher proportion of long positions than short positions—a clear indicator of rising bullish sentiment.
Additionally, the buying pressure on BNB witnessed multiple spikes over the past two weeks, notably hitting a buy volume of 93 on November 14th, as per Hyblock Capital’s data. Although there was a subsequent decrease, buying pressure remained relatively high.
Notably, for BNB to surpass its all-time high, it needs to overcome a significant hurdle. Once its value reaches $670, there will be a liquidation leverage of $3.25 million, a threshold that, when breached, could trigger price corrections.
An interesting observation is the concurrent increase in the coin’s price rally and the heightened network activity on the blockchain. Data from Artemis revealed a sustained high number of active addresses on the BNB Chain, leading to an uptick in daily transactions—an encouraging sign for the coin’s price trend.
This robust network activity aligns with the price surge, suggesting that multiple factors are contributing to BNB’s potential journey towards a new all-time high level.