Can BNB hit a new ATH in 2024? Key factors you need to know!

• BNB could hit multiple ATHs in a single year if it remains on track.
• The coin faces a critical resistance near $670.

BNB had a comfortable upswing last month as its price surged by over 33%. This latest price pump has now pushed BNB to a level which is only 10% away from its all-time high.

Therefore, AMBCrypto investigated further to find whether this rally will sustain and push the coin towards an ATH. 

BNB reaches close to its all-time high

For context, BNB only reached its ATH in June 2024 when its value touched $717. Since then, the coin has somewhat managed to remain in the upper band of its price range.

Fast-forward to November, the coin’s value surged substantially, which can be attributed to the bullish market condition. With this, it will only take another 10% price rise for the coin to retest its ATH.

During the last month, BNB’s rising price action was supported by high trading volume. For initiators, high trading volume acts as a foundation for a sustain bull run.

Moreover, its weighted sentiment spiked multiple times – a sign of increasing bullish sentiment, reflecting investors’ confidence in the coin. 

Source: Santiment

Is a new ATH around the corner?

Since the coin was inching towards its ATH, AMBCrypto planned to dig deeper into BNB’s on-chain data. The coin’s long/short ratio registered an uptick in the 24 hours timeframe.

This meant that there were more long positions in the market than shirt positions – a clear indication of increased bullish sentiment.

Apart from these, buying pressure on BNB also increased quite a few times over the last two weeks. As per Hyblock Capital’s data, the coin’s buy volume reached 93 on the 14th of November.

After that, the coin also witnessed a rise in buying pressure on the 24th and 25th of November. However, things cooled off in the past few days as the metric dropped to 10.4. 

Source: Hyblock Capital

Interestingly, if BNB tries to retest its all-time high, it must cross a barrier. The coin will have liquidation leverage of $3.25 million, when its value touches $670.

Whenever liquidation spikes, it results in price corrections. Therefore, it will be crucial for the coin to go above that level first in order to target a new all-time high. 

Source: Coinglass

Notably, while the coin’s price rallied last month, the blockchain’s network activity also increased. Artemis’ data revealed that BNB Chain’s active addresses remained high. Thanks to that, its daily transactions also went up. 

Read Binance Coin’s [BNB] Price Prediction 2024–2025

Robust network activity often supports price hikes. This suggested that BNB moving towards its ATH was supported by factors on multiple fronts. 

Source: Artemis