- BNB trading at $592, up 87% YTD but 18% below all-time high.
- Technical indicators show formation of bullish ascending triangle.
- Price targets: potential rise to $730, or drop to $564 if $602 resistance holds.
Binance Coin (BNB) appears poised to mirror Solana’s impressive price action, despite its larger market capitalization. Technical indicators suggest BNB could be on the cusp of a significant breakout that would propel it beyond its previous peak reached in July.
While the broader cryptocurrency market shows signs of hesitation, Solana has demonstrated strength with a 4% gain in the past 24 hours.
This decoupling from general market sentiment has caught the attention of analysts, who see similar potential in BNB’s current market position.
Source: Santiment
Interestingly, BNB’s Weighted Sentiment has entered negative territory, according to Santiment data. This contrarian indicator often precedes significant price movements, as excessive pessimism can signal a potential reversal point.
The divergence between market sentiment and technical indicators creates an intriguing setup for potential price appreciation.
BNB’s CMF shows rising strength
Supporting the bullish case, the Chaikin Money Flow (CMF) on BNB’s daily chart shows increasing strength. This technical indicator, which measures buying and selling pressure through capital flows, suggests sustained accumulation rather than distribution.
Such patterns typically precede upward price movements, potentially supporting a push beyond the $600 mark.
Technical analysis reveals an ascending triangle formation in BNB’s price structure. This bullish continuation pattern, characterized by a horizontal resistance line and rising support trendline, often signals growing buyer strength.
The pattern’s persistence suggests limited downside risk, though the 61.8% Fibonacci resistance level at $602 remains a crucial hurdle.
Should buying pressure persist and overcome the $602 resistance, BNB could potentially surge 25% to reach $730. However, market participants must remain vigilant to the possibility of rejection at this key level, which could trigger a retracement to $564.
