BNB experienced a significant uptrend last month, witnessing a remarkable price increase of more than 33%. This recent surge in price has propelled BNB to a level that stands just 10% below its previous all-time high.
With this development in mind, CryptoCrypto decided to delve deeper into the factors influencing this rally and explore the likelihood of the coin reaching a new all-time high.
Approaching the Previous All-Time High
It is worth noting that BNB reached its previous all-time high back in June 2024, touching a value of $717. Since then, the coin has managed to sustain its position within the higher range of its price spectrum.
Looking ahead to November, BNB’s value experienced a substantial surge, largely driven by the positive market conditions. With this momentum, the coin is inching closer to retesting its previous all-time high with just a 10% price increase needed.
During the previous month, the upward trajectory of BNB’s price was complemented by a significant surge in trading volume. Notably, a high trading volume serves as a robust foundation for a sustained bullish trend in the market.
Furthermore, there were multiple spikes in weighted sentiment for BNB, indicating a growing bullish sentiment among investors and reaffirming confidence in the coin.
Potential for a New All-Time High?
Given BNB’s proximity to its all-time high, CryptoCrypto decided to delve into the on-chain data related to BNB. The coin’s long/short ratio showed an upward trend within a 24-hour timeframe.
This shift suggests that there is a higher prevalence of long positions compared to short positions in the market, signaling a heightened bullish sentiment among traders.
In addition to this, buying pressure on BNB intensified significantly in the past weeks. According to data from Hyblock Capital, the coin’s buy volume peaked at 93 on the 14th of November, followed by subsequent spikes in buying pressure on the 24th and 25th of the same month. However, there was a recent drop to 10.4 in the metric in the past few days.
It is interesting to note that as BNB aims to challenge its previous all-time high, it must overcome a key barrier. The coin is expected to face liquidation leverage around $3.25 million once its value reaches $670.
In situations of heightened liquidation, adjustments in price usually occur. Therefore, surpassing this level is crucial for BNB to set its sights on a new all-time high.
Moreover, alongside the surge in BNB’s price last month, there was a notable increase in the network activity on the blockchain. Data from Artemis highlighted that the active addresses on the BNB Chain have remained elevated, consequently leading to a surge in daily transactions.
A robust network activity often serves as a catalyst for price surges, signaling that BNB’s progression towards its all-time high has been reinforced by multifaceted factors.