BNB soared 7% to a record high of $803, before going back to 797 at the time of writing, driven by a powerful mix of institutional accumulation and on-chain momentum.
The sharp move upward followed Nano Labs Ltd’s disclosure of a massive over-the-counter (OTC) purchase of 120,000 BNB, valued at $90 million. This buy was executed at an average price of $707 and signals growing strategic confidence in the Binance ecosystem.
The timing of the deal is notable—it comes just weeks after Binance completed over $1 billion in monthly token burns, shrinking BNB’s supply base and amplifying scarcity. Such large OTC deals typically absorb market liquidity without slippage, setting the stage for explosive moves once supply tightens and demand intensifies.
Technical Breakout Confirms Uptrend
BNB’s price action also triggered a significant technical breakout, pushing beyond the $650 resistance zone and setting up a strong bullish structure. On the momentum side, the Moving Average Convergence Divergence (MACD) indicator flashed its strongest bullish divergence since June, with the histogram climbing to +9.48.
The Relative Strength Index (RSI) surged to 86.7, indicating overbought conditions—but such readings often persist during parabolic runs. From a Fibonacci perspective, BNB breached the 127.2% extension level at $834, pointing to potential upside targets between $893 and $958 if momentum holds.
Volume indicators confirm the breakout’s strength. Derivatives open interest rose 19% to $1.23 billion, while perpetual funding rates remain positive at +0.0137%, showing that long positions are paying to stay in the trade—another sign of bullish conviction.
BNB Chain Ecosystem Outpaces Ethereum and Solana
Beyond price and technicals, BNB’s underlying blockchain activity has exploded. The BNB Chain processed more than $14 billion in decentralized exchange (DEX) volume over 24 hours—outperforming both Ethereum and Solana combined. This speaks to rising utility and usage across the BNB ecosystem, reinforcing the bullish thesis.
As institutional interest deepens and network growth accelerates, BNB appears poised to sustain its rally—especially if macro conditions remain favorable for crypto markets overall.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/bnb-hits-new-all-time-high-as-institutional-demand-surges/