Binance Coin (BNB) has reached a remarkable milestone by surpassing the $850 mark for the first time, creating a buzz throughout the cryptocurrency market. This impressive price surge follows a prolonged period of accumulation, capturing the attention of traders and investors alike.
Intraday Breakout Pushes BNB to $850.78
The significant breakout occurred on July 28, when BNB’s price shot up to an all-time high of $850.78. This upward movement began around 09:50 AM, with BNB starting from approximately $843.90, and it continued relentlessly until it reached its peak by 10:39 AM. A 1-hour chart from CoinGecko (@coingecko) illustrates this parabolic surge, highlighting minimal pauses or consolidations along the way.
The absence of any significant overhead resistance and the steady upward trend suggest that strong buying pressure was a key driver, possibly linked to institutional or whale activities. When trading volume climbed to $2.51 billion during this surge, it further validated the momentum and excitement surrounding BNB.
Traders often view such rapid price movements as indications of price discovery—an essential phase where assets break through previous resistance levels amid robust buying activity. However, this quick ascent raises potential short-term volatility, particularly as profit-taking becomes likely. If BNB can maintain support above $840, it may establish a new base for future price growth.
Volume-Supported 24-Hour Rally Reflects Strong Buyer Activity
In a 24-hour span leading up to this rally, BNB demonstrated notable resilience, climbing from below $800 to $842.21. This trend commenced on the evening of July 27, quickly gaining momentum and aligning with a broader positive shift in the cryptocurrency market. Despite recent market fluctuations, BNB’s performance has consistently outpaced many rival altcoins, thanks in part to its substantial market capitalization and lower volatility profile.
The volume data provides compelling evidence of bullish support, with trading activity recorded at $2.41 billion in this period. The correlation between rising volume and price indicates that sustained interest is driving this rally, fueled by steady accumulation rather than short-lived speculative buying. As price action surpassed the $800 mark, the increasing volume bars—indicative of persistent demand—suggest a healthy market atmosphere.
With a market capitalization of $117.3 billion and a circulating supply of approximately 139.3 million BNB, the cryptocurrency remains one of the top five digital assets, accentuating its significant role in the crypto landscape. The established upward trajectory reinforces the likelihood of an extended accumulation phase. Traders are keenly monitoring the $855 resistance level, signaling the potential for further upward movement.
Technical Indicators Signal Strong Market Participation
On the daily timeframe, BNB was last observed trading at $840.90, having reached a high of $855. The charts illustrate a structured upward trend marked by consecutive higher highs and higher lows since mid-June. This latest breakout continues an upward journey that initiated after months of consolidation near the $620 level. The bullish candlesticks formed during this drive show minimal retracement, signifying strong control by buyers in the market.
Technical indicators like the Chaikin Money Flow (CMF) currently resting at +0.30 highlight robust capital inflows, reflecting ongoing accumulation efforts by investors. This positive trend, characterized by a CMF above 0.20, is generally interpreted as a sign of consistent buying pressure and is particularly encouraging from an investor perspective.
Another indicator, the Bull and Bear Power (BBP), displays an elevated reading of 143.1, underscoring dominant bullish sentiment and increasing momentum in the price action. The enlarging BBP histogram suggests that the existing trend is solid, likely to continue unless significant external factors disrupt it. Analysts remain optimistic, particularly if BNB can consistently trade above $800, opening doors to potential new resistance levels and sustained bullish markets.