Key takeaways
- BNB reached a new all-time high at $1,258.
- Over the past seven days the coin has risen by more than 20%, outperforming the broader market.
BNB Hits New ATH as Monthly Active Addresses Surge
BNB, the native token of the Binance ecosystem, reached a fresh all-time high near $1,256 as the BNB Chain continues to set impressive new milestones. Monthly active addresses on BNB Chain climbed to a record 60 million, representing roughly a 200% increase since the start of the year.
Total value locked (TVL) on BNB also rose from $7.58 billion on September 27 to $8.69 billion on Monday, reaching its highest level since May 2022. The sharp increase in TVL points to growing activity and engagement within the BNB ecosystem.
Data from CoinGlass shows that open interest (OI) in BNB futures on exchanges hit a record $2.57 billion on Monday. The surge in OI suggests fresh capital entering the market and that traders are positioning for further BNB upside in the near term.
Is BNB Headed for $1,500 Soon?
The 4-hour BNB/USD chart has been bullish as the token climbed in recent weeks. BNB bounced off a critical support level at $730.01 on August 3 and rose above $1,000 on September 21.
After retesting the $948.45 low on September 26, BNB gained roughly 24% and is now trading above $1,250 per coin. If the rally continues, BNB could test $1,300 in the near term. A sustained upward move could push the token above $1,500 for the first time in its history.
The 4-hour RSI for BNB/USD sits around 81, indicating the token is entering overbought territory. The MACD crossover last week also signaled bullish momentum.
That said, BNB may face a correction after the recent surge. In a pullback scenario, the token could find support near the recent low around $1,134.