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$BNB, the native token of $BNB Chain, reached an all-time high of $801 during early Asian trading hours on July 23.
The milestone comes after a 4% gain over the past 24 hours and a 14% rise over the past week. At press time, $BNB ($BNB) is ranked #5 by market capitalization, now exceeding $110 billion. Trading activity around $BNB has also surged. Daily volume rose 42% to over $3.2 billion.
According to Coinglass data, $BNB futures open interest climbed 19.16% to $1.23 billion, while derivatives volume jumped 33.3% to $2.18 billion. These figures point to a rise in speculative activity, which is often associated with fresh investment and optimism for further growth.
Institutional interest appears to be playing a key role in this breakout. On July 22, Nano Labs Ltd, a Web3 infrastructure firm based in China, disclosed that it had raised its $BNB holdings to 120,000 tokens, valued at approximately $90 million.
The firm executed over-the-counter purchases at an average cost of $707 per $BNB and stated that it views $BNB as a core strategic reserve asset. Nano Labs says it will continue to build its $BNB reserves through further acquisitions and potential investments in entities focused on $BNB holdings.
This increase in demand supports bullish forecasts. According to CoinCodex analysts, $BNB may reach $1,100 by November 2025 if momentum continues and institutional support remains robust.
Technical indicators, on the other hand, show that $BNB may be approaching overheated levels despite being on a strong uptrend. $BNB is trading above the upper Bollinger Band on the daily chart, indicating significant bullish momentum and high volatility.
$BNB hits $801 all-time high as institutional accumulation accelerates - 1"> The relative strength index is well above the overbought level of 70 at 87.54, indicating that buyers are in control but also raising the possibility of a short-term decline.
$BNB continues to hold firmly above the 20-day simple moving average, now at $704, indicating a strong uptrend structure. Together with the price, volume has also increased, confirming the move.
$BNB may aim for the psychological $850 level if momentum continues, with $900 serving as the next significant resistance level. If RSI cools off or a pullback occurs, $BNB may find support near $740 or the 20-day SMA around $705.