Main Highlights
- BNB has reached a new all-time high of $1,258.
- The cryptocurrency has surged over 20% in the past week, outperforming the entire market.
BNB Hits New ATH as Monthly Active Addresses Soar
BNB, the native token of the Binance ecosystem, has achieved a new all-time high of $1,256. This rally comes as the BNB Chain continues to set impressive new records. The number of active monthly addresses on the BNB Chain has reached a record 60 million, a staggering increase of 200% since the start of the year.
Additionally, the total value locked (TVL) in BNB surged from $7.58 billion on September 27 to $8.69 billion on Monday, marking its highest level since May 2022. This increase in TVL indicates heightened activity within the BNB ecosystem.
Furthermore, data from CoinGlass reveals that the open interest (OI) for BNB futures on exchanges has hit a new all-time high of $2.57 billion as of Monday. This surge in OI suggests that new money is entering the market, with buyers betting on a short-term rise in BNB’s price.
Will BNB Soon Reach $1,500?
The BNB/USD chart on a four-hour basis is bullish as the token has recovered over the past weeks. The asset rebounded from a key support level of $730.01 on August 3, breaking above $1,000 on September 21.
After retesting a recent low of $948.45 on September 26, BNB added 24% to its value and is currently trading above $1,250. If BNB continues its upward trend, it could test the $1,300 mark in the near term. A prolonged rally could even allow it to trade above $1,500 for the first time in history.
The RSI for the BNB/USD four-hour chart stands at 81, indicating that the asset is approaching overbought territory. The moving average convergence divergence (MACD) showed a bullish crossover last week, reinforcing the positive sentiment.
However, BNB may face a correction following its recent rally. In such a scenario, it could find support at its recent low of $1,134.
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