BNB Price Casually Pushes Into New Historic High Above $883 But What’s Next?

Key Insights:

• BNB price shrugs off recent market dump to print new highs.
• BNB spot inflows surge to second-highest levels observed since the start of 2025.
• BNB chain’s TVL soars to a 3-year high as address activity pushes above 14 million for 9 consecutive weeks.

Binance Smart Chain’s BNB coin achieved a new historic high on Thursday morning in a surprising turn of events. Risk-on assets, including crypto, retreated in the last few days as investors adopted a cautious stance.

BNB price maintained its upside, decoupling from the overall market trend, including its correction this week. The sustained bullish momentum pushed BNB as high as $883 in the last 24 hours, which marked a new all-time high.

This latest upside also extended the divergence between the price and its RSI compared to its late July peak. The divergence could signal that the uptrend might be losing its momentum.

However, that may not necessarily be the case, given its decoupling from the rest of the market, which could signal strong bullish momentum.

BNB Price Soars as Spot Net Inflows Register Large Midweek Spike

BNB price action in the last 24 hours saw a significant spike in spot activity. Inflows clocked $59.4 million, which was the second-highest spot inflow observed since the start of 2025.

The spot inflows were also accompanied by a healthy dose of derivatives demand. Open interest surged as high as $1.5 billion, which was a healthy recovery from $1.18 billion, its lowest level in August.

Open interest also pushed to levels previously seen at the tail end of July. This was backed by a sizable volume uptick, to as high as $2.43 billion in the last 24 hours. Liquidations remained relatively low despite this uptick.

These observations suggest that BNB’s latest upside was mostly backed by a wave of accumulation. The cryptocurrency has so far demonstrated bullish strength in August, which suggests the possibility of extended upside.

In other words, BNB could be on the verge of achieving a major milestone by pushing above $1,000 for the first time in history.

Its peak in the last 24 hours was the highest that it has ever come to achieving that goal. BNB’s latest upside was not just the result of aggressive demand but also healthy network performance.

BSC Network Performance Oozes Confidence

BNB price action is also reflected in the Binance Smart Chain’s key performance metrics. For example, its total value locked surged to a 3-year high at $13.4 billion. Despite this, it was still heavily discounted from its peak levels in 2021.

Address activity also registered an impressive upside. This was perfectly summed up on the weekly timeframe. The number of active addresses on the network has consistently pushed above 14 million for the last nine consecutive weeks.

Address performance on the Binance network confirmed robust activity, which appeared to be directly correlated with price movement. Despite the strong address activity, the BSC’s weekly DEX volume extended the slide.

Weekly DEX volume peaked at $26.2 billion in June and concluded last week at $13.9 billion. In other words, it got slashed by half in the last 3 months. It also meant that the latest upside had less to do with DEX activity and more to do with investor demand.

But what exactly does this mean for BNB coin? The fact that the cryptocurrency managed to overcome macroeconomic jitters this week was impressive. It revealed the presence of strong demand, which, according to CoinGlass’s whale order book, was backed by aggressive whale activity.

Strong whale demand may push BNB price towards the $1000 price tag sometime soon. However, the rising open interest also warranted caution due to the risk of volatile pullbacks and potential liquidations. Major pullbacks are to be expected, especially as the coin pushes deeper into price discovery.