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The altcoin space remains hot despite profit-taking threats.
While the digital currency industry remained relatively calm in the past 24 hours, with the crypto market cap gaining a mere 0.65%, BNB attained historical levels.
Binance’s native token broke past $800 today to set a new all-time high as it explored the $804 intraday peak.
BNB hits a new ATH of 800$
What’s more interesting, the breakout comes amid soaring spot trading volume on the trading platform.
Glassnode data shows altcoins have generated a massive $25 billion in 24-hour activity.
Thus, Binance Coin’s rally is not a random price move.
Strong investor sentiment, bullish momentum, and breaching a closely-watched resistance suggest impressive performance for the digital token in the near term.
Chart patterns signal potential rallies past the $1,000 psychological zone.
Binance’s altcoin volume skyrockets
While BNB broke historical levels, Binance saw a staggering $25 billion in spot altcoin trading volume.
This is a massive figure even for one of the largest crypto exchanges globally, and it demonstrates investors rushing back to crypto with unwavering confidence.
CQ: Altcoins spot trading volume hit $25 billion on Binance🔥.
While factors like speculative trading and meme tokens drive the volume, the metrics confirm market players repositioning for a possible altcoin season.
Binance’s native token, BNB, naturally benefits when the trading platform flourishes.
Increased activity on the exchange bolsters the altcoin’s demand for use cases like Launchpad participation and trading fee discounts.
The surge in trading volume adds credence to BNB’s bullish trajectory.
What the charts say
Renowned analyst Javon Marks highlighted BNB’s upside potential, targeting the psychological level at $1,000.
Source: Javon Marks on XThe chart shows BNB remained range-bound between $500 and $650 for several weeks.
Despite multiple failed breakouts, the token overcame the resistance early this month and rallied steadily to today’s all-time highs.
Meanwhile, it formed an ascending triangle formation with the latest performance.
It is a bullish setup that triggers notable gains after overcoming horizontal resistance.
That explains the rapid surge after the decisive breakout, and the soaring volumes validate the move.
Marks predicts continued gains toward $1,085.
That would mean a roughly 35% surge from Binance Coin’s breakout level of $800.
Technical indicators validate BNB’s bullish outlook.
The 1D Moving Average Convergence Divergence displays robust green histograms after an upside crossover, signaling buyers are in control.
The Chaikin Money Flow has climbed steadily since June 24.
That indicates money entering the alt’s ecosystem as investors bet on uptrends.
Moreover, BNB trades above the 50- and 100-day Exponential Moving Averages, demonstrating an upward trend.
Source: TradingViewAs long as buyers keep this momentum and fundamentals intact, BNB could rally past $1,000 in the upcoming sessions.
Nevertheless, the 1D Relative Strength Index at 87 confirmed overbought conditions.
Therefore, Binance Coin could cool down before the next leg up.
Broad market sentiments would also be crucial in determining the alt’s near-term trajectory.
Analysts confirm that the current bull cycle is far from topping, suggesting further rallies before considerable dips.
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