Analysts Predict Potential Push to $400
  • Since Jan. 25, BNB has surged from $287 to $363, hitting a 20-month high, as interest in the project has grown, with trading volumes consistently exceeding $1 billion over the past two weeks.
  • The next target price for BNB is $400, but the token hasn’t reached this price in two years (since February 2022) and has been rejected several times along the way.

Once one of the hottest crypto projects on the market, BNB is now barely making headlines, trading sideways most days since May 2022 and repeatedly rejecting attempts to break through the $400 level. However, over the past three weeks, the fourth-largest crypto asset has shown signs of an imminent price surge that could eventually see it break through the $400 resistance for the first time since February 2022.

At the time of writing, BNB is trading at $351, with little movement over the past day. However, the calm over the past day comes after three weeks of exciting price movement, after it rose 26% to a one-year high, including a big increase from $287 on January 25th to $363 on February 16th.

On the technical chart, BNB has been releasing bullish data since February 8. The On-Balance Volume (OBV) indicator has been trending consistently up, indicating that buying volume during this period has been significant. OBV is used to measure crowd sentiment and predict bearish or bullish outcomes.

However, despite the high trading volume ($1.23 billion in the past 24 hours, up 26% on the day), analysts predict it may take a while for BNB to hit $400. With bulls dominating the market, the token is expected to accumulate at $350-380 price levels before an eventual breakout.

It is worth noting that most of the bullish pressure is coming from the spot market. In the derivatives market, traders have been a bit bearish lately. BNB open interest has been declining since the weekend and the funding rate is negative. This suggests that professional traders are unsure if BNB can maintain its momentum and some are taking profits.

Can BNB Reach $400?

Reflecting how turbulent and unpredictable the cryptocurrency market can be, BNB was overtaken from the fourth place by Solana on February 13th, despite its impressive price growth over the past three weeks. BNB has since reclaimed its place, overtaking Solana in fifth place with a market cap of $50 billion, with a market cap of $52 billion.

Analysts predict that BNB will soon reach the $400 price level, but that momentum will depend on whether the BNB Chain can continue to attract users and developers.

In 2023, BNB Chain established itself as one of the top three chains by user count alongside Solana and Ethereum, achieving 32 million transactions per day. It has continued to gain momentum this year, with the total amount locked on-chain now standing at $4.15 billion, the third highest after Ethereum and TRON, according to DeFiLlama.

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