BNB, the native token of Binance Chain, surged to an all-time high of $801 during early Asian trading hours on July 23, recording a 4% daily gain and 14% rise over the week. With this rally, BNB’s market cap has exceeded $110 billion, solidifying its position as the fifth largest cryptocurrency.
Nano labs fuels institutional demand
Institutional accumulation appears to be driving the breakout. On July 22, China-based Web3 infrastructure firm Nano Labs Ltd disclosed a major BNB acquisition 120,000 tokens worth approximately $90 million. The purchases were made via OTC trades at an average of $707 per token. The firm considers BNB a core strategic reserve asset and plans to continue accumulating tokens while targeting investments in BNB-related ventures. This institutional confidence aligns with growing trading activity across BNB markets. On-chain and derivatives data show a surge in both open interest and volume, confirming heightened market participation.
Source:Trading view
Market activity has intensified. Daily trading volume spiked 42% to $3.2 billion, while futures open interest rose 19.16% to $1.23 billion, according to Coinglass. Derivatives volume also grew by 33.3% to $2.18 billion, indicating rising speculative momentum and renewed investor confidence.
Despite the bullish trend, technical signals suggest caution. BNB is currently trading above the upper Bollinger Band, reflecting strong momentum but also elevated volatility. The Relative Strength Index (RSI) stands at 87.54, well above the overbought level of 70, hinting at a potential short-term pullback.Nevertheless, BNB remains firmly above the 20-day Simple Moving Average (SMA) at $704,reinforcing the strength of the current uptrend. If momentum continues, BNB could target resistance levels at $850 and $900. In the event of a correction, support is likely to be found at $740 or near the 20-day SMA around $705.