Key Points
- BNB reached a new all-time high of $1,258.
- The token has risen more than 20% over the past 7 days, outperforming the broader market.
BNB Hits New ATH as Monthly Active Addresses Surge
BNB, the native token of the Binance ecosystem, climbed to a record high of $1,256. This rally coincides with a string of impressive milestones on the BNB Chain. Monthly active addresses on BNB Chain surged to a historic peak of 60,000,000,000, representing a 200% increase since the beginning of the year.
In addition, BNB’s total value locked (TVL) rose from $758 million on September 27 to $869 million on Monday, marking its highest level since May 2022. The jump in TVL indicates growing on-chain activity across the BNB ecosystem.
Data from CoinGlass also shows that exchange-traded BNB futures open interest (OI) reached an all-time high of $257 million on Monday. The spike in OI suggests fresh capital flowing into the market, with buyers betting on further short-term upside for BNB.
Is BNB Headed for $1,500 Soon?
The BNB/USD 4-hour chart remains bullish and momentum-driven, as the token has continued to climb in recent weeks. BNB bounced from a key support level at $730.01 on August 3 and broke higher on September 21.
After retesting the $948.45 low on September 26, BNB has rallied roughly 24% and is now trading above $1,250. If the upside continues, the token could test the $1,300 level in the near term. A sustained rally beyond that would put BNB on track to challenge $1,500 for the first time in its history.
Technical indicators support the bullish case: the 4-hour RSI sits at 81, indicating the token is entering overbought territory, while the moving average convergence divergence (MACD) showed a bullish cross last week, reflecting positive momentum.
That said, BNB may face a corrective pullback after this recent surge. In such a scenario, the token could find support near the recent short-term low around $1,134.