Key takeaways
- BNB has reached a new all-time high of $1,258.
- The coin has gained more than 20% over the past seven days, outperforming the broader market.
BNB hits new ATH as monthly active addresses surge
BNB, the native token of the Binance ecosystem, has reached a new all-time high of $1,256. The rally coincides with continued record growth across the BNB Chain. Monthly active addresses on BNB Chain have jumped to an all-time high of 60 million, a 200% increase since the beginning of the year.
Additionally, BNB’s Total Value Locked (TVL) climbed from $7.58 billion on September 27 to $8.69 billion on Monday, the highest level since May 2022. The increase in TVL points to rising activity and growing use of services across the BNB ecosystem.
Finally, data from CoinGlass shows that open interest (OI) in BNB futures on exchanges reached a new record high of $2.57 billion on Monday. The surge in OI suggests fresh capital is flowing into the market, with traders positioning for further gains in the near term.
Will BNB reach $1,500 soon?
The 4-hour BNB/USD chart is bullish and has shown steady strength as the token has rallied over recent weeks. BNB bounced from a major support level of $730.01 on August 3 and climbed above $1,000 on September 21.
After retesting a low of $948.45 on September 26, BNB gained another 24% and is now trading above $1,250 per coin. If the rally continues, BNB could reach $1,300 in the short term. A further extension of the rally would open the path for BNB to trade above $1,500 for the first time in its history.
The 4-hour RSI for BNB/USD sits at 81, indicating the token is moving into overbought territory. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover last week, reinforcing the upward bias.
However, BNB may face a correction after the recent sharp rise. If that occurs, immediate support could be found near the recent low of $1,134.