Key Notes
- BNB is currently trading at $644.51, corresponding with a 0.42% price drop within the last 24 hours.
- The coin is suspected of being on the verge of losing key support, suggesting the onset of a bearish takeover.
- There is an increase of institutional investors embracing BNB as the altcoin of choice for their corporate treasuries.
Binance Coin
BNB
$645.2
24h volatility:
0.0%
Market cap:
$94.12 B
Vol. 24h:
$633.51 M
is currently trading at $644.51, corresponding with a 0.42% price drop within the last 24 hours.
At this point, some analysts believe that the coin is on the verge of losing key support at $640. Should this happen, a bearish takeover may be imminent.
Institutional Demand For BNB on the Rise
Over the last four days, BNB has seen a steady uptrend, fueled by investor-driven FOMO. This growing interest in altcoin treasuries is now extending to Binance Coin as well.
Before settling at $644.51, BNB traded as high as $648 in the early hours of June 26.
At that point, the coin mirrored the bull run seen in 2024, which eventually led to the formation of an all-time high. This ATH occurred within one month after a golden cross was confirmed and the coin began to reclaim key support levels.
A similar trend is expected for Binance Coin, as many institutions expand their corporate treasuries with altcoins. BNB has become one of the top digital assets chosen for this purpose.
Two days ago, Nano Labs announced plans to accumulate up to $1 billion worth of BNB as part of its long-term treasury strategy. Bloomberg reported that a group of hedge fund veterans, including Patrick Horsman, Joshua Kruger, and Jonathan Pasch, is seeking to invest $100 million in BNB.
This team, believed to be linked to Coral Capital Holdings, plans to complete the fundraiser by the end of June. The accumulation of BNB will be conducted through a newly formed company called Build & Build Corporation, which seeks an eventual Nasdaq listing.
There is also VanEck’s filing for a spot BNB ETF in the United States that has been instrumental in boosting investor confidence. All of these instances could direct positive sentiments towards Binance Coin.
This outlook could positively impact the price of Binance Coin in the race to $800.
BNB Price To $800 or $1,000?
Although the price has dropped recently, Santiment observed a rally in BNB-weighted sentiment between June 23 and June 24. In such a case, a positive consensus among traders is expected to follow.
Once this happens, it could trigger the next bull run, especially with the emergence of a golden cross signal.
Binance Coin Weighted Sentiment Chart | Source: Santiment
The Relative Strength Index (RSI) still needs to cross above 50 to support a bullish BNB price prediction.
Unfortunately, that isn’t the case right now, as the RSI is still rising but hasn’t crossed above 50 yet. Interestingly, past data shows the indicator was at a similar level in November 2024, just before the golden cross rally.
The expectation is that more positive market sentiments will emerge to drive BNB past the key support and push it to $800. Hopefully, the SEC approval of VanEck’s spot BNB ETF could serve as a catalyst to get the coin to $1,000.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
