Key takeaways
- BNB has reached a new all-time high at $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 climbed to a fresh all-time high near $1,256. The rally coincides with a series of record-setting metrics on the BNB Chain. Monthly active addresses on the BNB Chain jumped to an all-time high of 60 million, representing a roughly 200% increase since the start of the year.
Total Value Locked (TVL) on BNB also rose, moving from $7.58 billion on September 27 to $8.69 billion on Monday — the highest level since May 2022. The TVL uptick signals growing on-chain activity and increased usage of BNB-based protocols.
Data from CoinGlass shows futures open interest (OI) for BNB across exchanges also hit a new record of $2.57 billion on Monday. That spike in OI suggests fresh capital is flowing into the market, with traders placing bullish bets on further BNB gains in the near term.
Could BNB reach $1,500 soon?
The 4-hour BNB/USD chart looks bullish and efficient after several weeks of upward momentum. The token bounced from a major support level near $730.01 on August 3 and cleared the $1,000 mark on September 21.
After retesting a low of $948.45 on September 26, BNB has added roughly 24% and is now trading above $1,250 per coin. If the rally continues, BNB could reach $1,300 in the near term. An extended advance would open the possibility of trading above $1,500 for the first time in its history.
The 4-hour relative strength index (RSI) for BNB/USD sits around 81, indicating the token is entering overbought territory. The moving average convergence divergence (MACD) produced a bullish crossover last week, reinforcing the upside bias.
That said, BNB may face a corrective pullback after the recent surge. In such a scenario, the token could find support near the most recent low around $1,134.