Key takeaways
- Binance’s BNB coin surged by nearly 5% in the last 24 hours and has hit a new all-time high of $804.
- The coin could hit $900 soon if bullish sentiment remains.
BNB hits $804, market cap surpasses Solana
BNB, the native coin of the Binance ecosystem, is up 4.5% in the last 24 hours. The coin added 15% to its value in seven days to hit a new all-time high of $804 a few hours ago.
The positive performance means that BNB’s market cap now stands at $111 billion, making it the fifth-largest cryptocurrency by market cap. It surpassed Solana’s SOL, which has a market cap of $108 billion.
Analysts now expect BNB to rally higher thanks to growing retail interest. Data obtained from CoinGlass shows that the futures Open Interest (OI) in BNB at exchanges rose to a new yearly high of $1.23 billion earlier today from $1.05 billion on Monday.
This is the highest OI levels for BNB since December. Rising OI represents new or additional money entering the market and is likely to fuel prices higher.
In addition to that, BNB’s funding rate has flipped positive, reading 0.023% earlier today. Positive funding rate usually indicates a bullish bias, which could result in a rally for the cryptocurrency.
BNB could rally to $900 soon
The BNB/USD 4-hour chart has turned bullish after the coin rallied to a new all-time high earlier today. The RSI of 73 shows that BNB is still not in the overbought region, suggesting further upward rally. The MACD lines are also within the positive region, indicating a bullish bias.
If the rally continues, BNB could test the psychological level at $900, setting a new all-time high in the process. The coin could experience a pullback after hitting a new all-time high. If that happens, BNB could likely test the weekly support at $742 before resuming its rally.
