• Binance Coin price shows a short-term rejection around the supply zone’s upper layer at $594.32.
  • A close above the said level is a must if BNB bulls want to scale to new highs.
  • Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating.

Binance Coin has seen a massive downfall after recently erecting new all-time highs. Now, BNB stands to retest this level and perhaps set up new ones shortly.

Binance Coin price at critical level

Binance Coin price hit a new high of $638.56 on April 12 and retraced nearly 33% since then. After finding support at $428, BNB has created two higher highs and is now on the verge of toppling a supply zone that ranges from $556.40 to $594.32.

If successful, Binance Coin price will retest the local top after a 7% surge and target a leg-up to the 127.2%, 141.4% and 161.8% Fibonacci extension levels at $695.84, $725.74 and $768.69, respectively.

BNB/USDT 4-hour chart

BNB/USDT 4-hour chart

Supporting the bullish narrative is the addition of two new whales holding 100,000 to 1,000,000 BNB. This 5.3% increase indicates that these investors are optimistic about BNB price performance in the near future.

BNB supply distribution chart

BNB supply distribution chart

Whale transaction count is a metric that tracks transactions worth $100,000 or more. A surge in this metric serves as a proxy to high net worth individuals’ investment interest and is often followed by a spike in the market value. 

At the time of writing, the count of such transactions increased by 275% since April 20, painting a bullish picture for BNB.

BNB whale transaction count chart

BNB whale transaction count chart

While the upside scenario seems straightforward, it is dependent on the breach of the said supply zone. A potential spike in selling pressure that leads to a decisive close below $550 will invalidate the bullish thesis.

Under these conditions, Binance Coin price could slide 9% toward the upper band of the demand zone at $508.96.

If sellers persist, $470.20 can likely be retested as well.

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