CoinDesk Analysis Team
CoinDesk
BNB's impressive 24-hour rally showcases the growing strength of the Binance ecosystem amid broader crypto market optimism.
The token's upward momentum coincides with Bitcoin's approach toward new all-time highs and increased activity across the BNB Chain, which recently recorded over 8 million daily transactions and 2 million active wallet addresses.
Technical indicators remain bullish for BNB, with strong support established at $682 and multiple tests of this level showing sustained buyer interest despite minor resistance around $684, according to CoinDesk Research's technical analysis data model.
Technical analysis highlights
- Price action formed a clear uptrend with significant volume spikes at the 15:00 and 16:00 hours on May 21st (183K and 186K respectively).
- Strong volume support established around the $663-$670 zone.
- The asset encountered resistance near $689.35 during the 03:00 hour on May 22nd before a minor pullback.
- Support maintained at $679.08, suggesting continued bullish momentum.
- Notable volatility in the last hour with a significant price surge between 07:35-07:37, climbing from $680.85 to $683.78 (0.43% increase).
- Multiple tests of $682.00 level showing buyer interest, with resistance around $683.90.
- Volume peaked during the 07:37 period with over 7,190 units traded, confirming strength of upward movement.
- Final minutes showed consolidation around $682.28, suggesting temporary equilibrium after volatile trading.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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