BNB Nears $1,140, Showing Bullish Momentum With $1,300 as the Next Target Level

Key Insights:

• Price nears $1,140 as bullish momentum grows with $1,300 seen as next key level.
• BNB completes a $1.2 billion token burn, cutting supply and lifting market confidence.
• Auto-Burn mechanism adjusts based on price and block count, with burns now on-chain.

Trading near $1,140 after a strong bounce from the $864 mark. The token has broken out of its earlier range, and with bullish momentum building, traders are now watching $1,300 as the next possible target.

Binance Eye $1,300 Level as BNB Burn $1.2 Billion

Climbed to $1,134.75 in recent trading, marking a solid recovery from its previous low of $864. The price action shows that it has broken through the $1,100 barrier and is holding near $1,140, suggesting a potential continuation.

Market analysts said that BNB’s breakout may continue if buying pressure sustains above $1,180. If the price moves above that level, the next price zone to monitor is between $1,250 and $1,300.

Meanwhile, the Foundation completed its 33rd quarterly token burn, permanently removing over 1.44 million tokens from circulation. This equals around $1.66 billion in value based on current prices. Following the burn, the remaining supply has been reduced to 137,738,379.26 tokens. The team aims to bring the supply down to 100 million in the long term using this automatic process.

Auto-Burn System Operates Without Exchange Control

Auto-Burn system calculates the number of tokens to burn based on token price and blocks mined. It is designed to work independently of any exchange, including Binance, which allows the burn to be transparent and decentralized. The process can be verified on-chain, as all burned tokens are sent to the black hole address 0x…dEaD. 

However, future burns will continue to follow this model and occur directly on BNB Smart Chain. Recent upgrades to the BNB Chain, such as Lorentz and Maxwell, have increased the network’s block production rate. As a result, more tokens are now eligible for burn events, prompting adjustments to the Auto-Burn formula.

These changes are meant to keep the process consistent with the goal of gradually lowering the total token supply. The updates reflect ongoing efforts to enhance network performance while maintaining a predictable reduction in total supply. As of press time, the token was trading at $1,134.75 with a 1.43% decrease in the last 24 hours.