Key takeaways
- Binance’s BNB is the top performer among the top 10 cryptocurrencies by market capitalization, rising nearly 8% over the past 24 hours.
- The token reached a fresh all-time high of $857 and appears positioned for further short-term gains.
BNB trades above $850 as altcoins recover
The cryptocurrency market was bearish last week but began the new week with a bullish tone. Bitcoin reclaimed the $119,000 level after dipping below $116,000 on Friday, while Ether is closing in on the psychological $4,000 mark.
BNB from Binance has outperformed the other top 10 cryptocurrencies by market capitalization. The token gained nearly 8% in the last 24 hours to hit a new record price of $857 moments ago.
This strong performance comes as BNB continues to attract institutional interest, reflecting Binance’s position as a leading global crypto exchange. The BNB rally also signals that altcoins are currently leading the market’s upside.
Alongside BNB, several major altcoins—including Ether, XRP, Solana, Dogecoin and Cardano—also rose by more than 2% over the past 24 hours.
BNB could extend rally toward $900
Last week BNB surpassed Solana to become the fourth-largest cryptocurrency by market capitalization and now appears poised to widen its lead. With a market cap of $119 billion, BNB sits roughly $40 billion behind USDC in third place.
The 4-hour chart for the BNB/USD pair is bullish and well-structured, suggesting BNB may be gearing up for another leg higher. Technical indicators also favor buyers, who currently hold control.
A 74 reading on the RSI indicates BNB could move into overbought territory if the uptrend continues. Meanwhile, MACD lines have been in positive territory for weeks, reinforcing the bullish bias.
If the rally persists, BNB could surge toward the $900 level and establish a new all-time high in the process. The $1,000 psychological level remains the medium-term target for Binance’s native token.
That said, BNB may face a correction after its recent run-up. In that case, it could retest support around the TLQ level at $841 in the coming hours. Prolonged selling pressure could push BNB down to the weekend low near $795.