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- Since Jan. 25, BNB has shot up from $287 to set a 20-month high at $363 as interest in the project surges, with volume topping $1 billion consistently in the past two weeks.
- The next price target for BNB is $400, which the token hasn’t hit in two years (since February 2022), with several rejections along the way.
Once one of the hottest crypto projects in the market, BNB rarely gets any mentions nowadays. Since May 2022, it has traded sideways on most days, with its attempts to break past the $400 level rejected repeatedly. However, over the past three weeks, the fourth-largest crypto is showing signs of an impending price surge that could finally breach the $400 resistance for the first time since February 2022.
At press time, BNB trades at $351, barely moving in the past day. However, the calm in the past day comes after three weeks of exciting price action in which it gained 26% to set a new one-year high. This includes a massive rally from $287 on Jan. 25 to $363 on Feb. 16.
On the technical charts, BNB has posted bullish data since Feb. 8. Its on-balance volume (OBV) indicator has trended consistently higher, signaling that the buying volume has been vital in that time. OBV measures the crowd sentiment and is used to predict bearish or bullish outcomes.
However, while the volume is high ($1.23 billion in the last 24 hours, a 26% rise on the day), analysts predict that it might take a while before BNB hits $400. While the bulls are in charge of the market, the token is expected to accumulate in the $350-$380 price level before finally breaking out.
It’s worth noting that most of the bullish pressure has emanated from the spot market. On the derivatives front, traders have been somewhat bearish in recent times. Open interest in BNB has been dipping since the weekend started, and the funding rate has been negative, indicating that the professional traders are uncertain that BNB can maintain its momentum and some are taking profits.
Can BNB Hit $400?
In a reflection of just how tumultuous and unpredictable the crypto market can be, BNB lost fourth place to Solana on Feb. 13 despite its impressive price run in the past three weeks. At a market cap of $52 billion, BNB has since recovered the position ahead of Solana, which sits at fifth with $50 billion in market cap.
While analysts predict that BNB will hit the $400 price level soon, its momentum will be down to whether the BNB Chain can continue attracting users and developers.
In 2023, BNB Chain established itself as one of the top three chains in user numbers alongside Solana and Ethereum, maxing out at 32 million transactions in a day. This year, it has continued to see traction, and according to DeFiLlama, it has the third-highest total value locked on-chain after Ethereum and TRON at $4.15 billion.
