Binance Coin (BNB) has experienced a three-day price increase, reaching its highest level since June 10. Analysts are optimistic that BNB could retest its year-to-date high of $725 after breaking a five-month consolidation. The token’s rally coincides with the positive sentiment in the crypto industry, as Bitcoin surpassed $82,000 for the first time.
BNB’s performance is often used as a proxy for Binance’s performance, and numerous catalysts could push the price higher. Data shows that Binance has seen robust volume in the spot and derivatives market, with the spot volume reaching $43 billion in the last 24 hours. Binance Coin powers the BNB Smart Chain and is also used for governance purposes.
BNB Chain’s DEX volume has jumped by 29% in the last seven days to over $6.4 billion, making it the fourth-largest chain in the DEX industry after Solana, Ethereum, and Base. Additionally, the number of BNB in circulation has been declining due to the network’s burn, with 457 BNB tokens worth $286,072 burned in the last seven days.
BNB’s price chart shows that the token has bounced back and rallied to its highest level since June, moving above the crucial resistance level at $607. The token remains above the 50-day and 200-day Exponential Moving Averages (EMA) and is forming a small bullish flag pattern. Analysts predict that BNB could rise and retest its all-time high of $725, with a break above that level pointing to more gains to $800.
However, if BNB drops below the ascending trendline, the view will become invalid, and a triple-top formation could lead to more downside.
