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Binance Coin ($BNB) has experienced a notable price increase over the last 24 hours, climbing from a low of $904.63 to hit a new ATH above $940. The bullish climb has sparked speculation in the broader cryptocurrency space as to how high the $BNB price could soar in the current market cycle.
$BNB RSI shows room for more breakout
Notably, Binance Coin’s price uptick, combined with rising volume, has been viewed by traders as a continuation of its bullish rally. This has led to significant interest in the asset, with its Relative Strength Index (RSI) at 71.25, signaling that $BNB is not yet excessively overbought and has room for further increase.
With the recent institutional interest in $BNB, this could drive prices further higher. Binance Coin has been added as a treasury asset by Nano Labs, which acquired $90 million worth of $BNB. The interest might increase demand and support a price increase.
As of this writing, Binance Coin is changing hands at $941.52, representing a 3.52% increase in the last 24 hours. The trading volume has also surged by a significant 11.11% to $2.68 billion within the same time frame. A consistent trade above these levels could catalyze a new cycle top of $1,000, which is the next psychological level.
$BNB versus Solana market cap battle heats up
If Binance Coin can post a further increase, it could reclaim the fifth position in terms of ranking by market capitalization. The coin briefly edged out Solana recently when its price hit $903, pushing its market cap to $125 billion.
However, Solana has since flipped $BNB after it recorded gains of its own. Currently, Solana’s market cap is $131.47 billion, about $0.63 billion higher than $BNB’s at $130.76 billion.
While the greater number of investors are eyeing the cycle top price of $1,000, Changpeng Zhao, Binance founder, has hinted at a $2,000 prediction. Market watchers are keenly observing how $BNB plays out in its price outlook.