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- Binance Coin (BNB) reaches a new all-time high price with its Open Interest (OI) rising by 12% in 24 hours.
- Analysts expect this run to continue once the price crosses the $1,114 resistance level.
Binance Coin (BNB) has been one of the most talked-about coins in the market after entering price discovery mode, hitting a new all-time high price of $1,112 on its daily price chart. As noted in our earlier discussion, this unexpected surge follows Kazakhstan’s decision to choose BNB for its national crypto reserve.
With a 6% surge in the last 24 hours, BNB has extended its weekly gains to 16% and its monthly gains to 28.9%. According to the latest data, the asset is now the fifth-largest crypto with a market cap of $152 billion, leading Solana (SOL) by $26 billion.
BNB’s Open Interest, Rising Demand, and TVL
Coinglass data suggests that BNB is doing well on the retail front as its Open Interest (OI) rises by 12% to $2.11 billion in 24 hours. The OI Weighted Funding rate has also moved from 0.044% on the previous day to 0.0123%.
Analysts explain that this signals a strong willingness of investors to create more long positions as they anticipate a massive surge. As indicated in our previous news brief, Nasdaq-listed BNC has acquired 200,000 BNB in an effort to become the largest BNB holder. Similarly, Nano Labs has also committed $500 million to BNB Treasury as discussed earlier.
The recent performance wiped out some bearish-aligned investors from the market, as $6.44 million in short liquidation was recorded against $307,880 in long positions in just 24 hours. BNB’s strong performance has equally been felt in its Decentralized Finance (DeFi) sector. Its Total Value Locked (TVL) has now increased to $8.163 billion, making it the fourth-largest DeFi Chain.
BNB is not expected to slow down anytime soon as liquidity grows with the expansion of the stablecoin market. In just 24 hours, stablecoin supply on the BNB chain has increased by 6% to $13.464 billion. Technically, this implies that user demand is becoming stronger, coupled with market share.
Data also suggests that the total assets deposited on the Binance Centralized Exchange (CEX) have reached $207.057 billion. This is said to be a record high. Interestingly, the asset deposits are expected to rise even higher following the recent Binance partnership with Franklin Templeton, which was reported in our earlier coverage.
With these strong growths supporting the current price momentum, analysts expect a new high to be recorded as BNB shows no sign of weakness in rising channel patterns. For now, the asset faces one of its crucial tests to sustain and extend this rally, and that is breaking above the $1,114 resistance level. From here, it would need to break above the $1,220 and continue from there.
BNB’s Relative Strength Index (RSI) reads 70 after facing rejection at 80, which is also within the overbought territory. Analysts believe that there could be a short nosedive in price with the formation of a bearish divergence. In this case, the price could retest the $1000 support level before bouncing back.
