The native coin of BNB Chain, BNB, rose 7% in the past 24 hours and 16% in the past week to achieve a new all-time high of $803 in early Asian trading on July 23. The rally has seen the market cap of BNB surpassing $110 billion indicating an increase in investor confidence.
The trading activity has also increased. The daily volume increased by 12% to $3.2 billion and the futures open interest by 23% to $1.27 billion, Coinglass showed. Volume in derivatives jumped 22% to $2.15 billion, indicating a flood of new speculative interest and bullishness.
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A key driver behind this breakout is rising institutional interest. On July 22, China-based Web3 firm Nano Labs Ltd revealed it purchased 120,000 BNB tokens. worth around $90 million, through OTC deals at an average of $707 per token.
The firm called BNB a “core strategic reserve asset” and plans to continue accumulating more. The technical indicators are very strong in momentum but they are pointing to short term caution.
The BNB is above the upper Bollinger Band, and the RSI is at 87.54, which is well in the overbought territory. Nevertheless, the token is well above its 20-day SMA of $704, maintaining the uptrend.
If momentum continues, BNB could aim for $850, with $900 as the next major resistance. In case of a pullback, support may lie near $740 or the 20-day SMA at $705.
Analysts at CoinCodex predict BNB could hit $1,100 by November 2025 if institutional demand holds strong.