BNB Nears Record High as Corporate Buyers Spur 4% Rally
The token rose from $813.90 to its high during the session, breaking through key resistance points at $839.57 and $853.67 before meeting selling pressure near the $855 psychological level, according to CoinDesk Research's technical analysis model.
The rally gained momentum after CEA Industries acquired 200,000 BNB, becoming the largest corporate holder of the asset. The move is part of a growing trend of companies adding alternative cryptocurrencies to their reserves.
Trading volume spiked to nearly three times its daily average, fueling optimism that institutional buying could sustain upward momentum. However, prices retreated slightly in the final portion of the session, suggesting possible short-term consolidation.
Technical Analysis Overview
Market data showed strong buying interest through the rally, with heavy trading activity establishing solid support near $834.40. BNB's advance cleared resistance at $839.57 and $853.67, and prices held above $850 for most of the period, a sign that accumulation remained in play even as momentum began to cool.
The rally's peak coincided with a spike in sell orders, hinting at profit-taking that slowed the push beyond $855. That selling pressure created a bearish divergence toward the close, where the token failed to reclaim higher ground.
The broader crypto market, as measured by the CoinDesk 20 (CD20) index, rose 5.3% in the last 24-hour period. BNB has remained the dominant token in the exchange token sector, according to CryptoQuant data, accounting for over 81% of their total market capitalization. It's around 1% away from its record high, while the second-best performing exchange token LEO remains around 8% away from it.
Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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