BNB price formed a new all-time high for the third time this month. The altcoin has emerged as one of the best-performing cryptocurrencies in the last few weeks.
This is owing to the resilience exhibited by the token as beyond sustaining its rise, BNB is also continuing its uptrend, pushing it towards $1,300.
BNB Holders Are Selling
BNB price surged to a new all-time high of $1,223 after a 21% weekly rally, fueled by strong investor demand. However, on-chain data reveals a potential shift as the exchange net position change shows early signs of selling. Within 48 hours, nearly 4 million BNB, worth more than $4.8 billion, has been moved to exchanges, indicating possible profit-taking.
SponsoredThis influx suggests that short-term traders may be securing gains following BNB’s sharp ascent. While this behavior is typical after major rallies, it can temporarily weaken upward momentum. A sustained sell-off could trigger a correction toward key support levels, signaling a cooling phase for the market.
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BNB’s technical indicators point to overbought conditions, raising concerns about a short-term reversal. The Relative Strength Index (RSI) recently crossed the 70.0 mark, a historical threshold often associated with price pullbacks.
Despite strong fundamentals and ecosystem growth, such technical readings imply a pause in bullish momentum. If profit-taking intensifies, BNB could retrace slightly before resuming its broader uptrend. However, continued investor confidence and favorable macro factors may still support long-term price appreciation, keeping BNB’s bullish narrative intact.
BNB Price Hits New High
BNB price is trading at $1,209 after forming a new all-time high (ATH) at $1,223, highlighting the cryptocurrency’s strong upward momentum. This surge came after a sharp rebound from the recently established support at $1,147 last week. The asset’s resilience at these levels indicates continued investor confidence.
Despite recent gains, the BNB price faces potential downside pressure if investor selling intensifies. Heightened selling activity could push the token back to $1,147 or even lower to $1,046, erasing a significant portion of the recent rally. Market participants should watch trading volumes closely to gauge possible bearish trends.
If the current bullish momentum sustains and investors resist the urge to sell, the BNB price could reclaim the $1,223 ATH and target $1,300 in the near term. A break above this resistance would signal renewed market optimism, potentially attracting further buying interest from institutional and retail traders.
