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Key takeaways
- $BNB has hit a new all-time high of $1,258.
- The coin has rallied by over 20% in the last seven days, outperforming the broader market.
$BNB hits a new ATH as active monthly addresses soar
$BNB, the native coin of the Binance ecosystem, has hit a new all-time high of $1,256. The rally comes as $BNB Chain continues to set new and impressive records. $BNB Chain monthly active addresses surged to an all-time high of 60 million, up 200% since the start of the year.
In addition to that, $BNB’s Total Value Locked (TVL) increased from $7.58 billion on September 27 to $8.69 billion on Monday, its highest level since May 2022. The surge in its TVL indicates growing activity within the $BNB ecosystem
Finally, data obtained from CoinGlass shows that the futures’ Open Interest (OI) in $BNB at exchanges hit a new all-time high of $2.57 billion on Monday. The surge in OI shows that new money is entering the market, with buyers betting on $BNB rallying higher in the near term.
Will $BNB hit $1,500 soon?
The $BNB/USD 4-hour chart is bullish and efficient as the coin has been rallying in recent weeks. The coin rebounded from a key support level of $730.01 on August 3 to surpass $1k on September 21.
$BNB/USD 4H Chart">
After retesting the low of $948.45 on September 26, $BNB has added 24% to its value and now trades above $1,250 per coin. If $BNB continues its rally, it could hit the $1,300 mark in the near term. An extended rally would allow it to trade above $1,500 for the first time in its history.
The $BNB/USD 4-hour RSI of 81 shows that the coin is currently heading into the overbought region. The Moving Average Convergence Divergence (MACD) showed a bullish crossover last week, indicating a bullish bias.
However, BB could face a correction following its recent rally. If that happens, $BNB could find support at its recent low of $1,134.