BNB cryptocurrency has made a significant leap, surpassing Solana in market capitalization despite rising inflation. What is behind this surge and what are the prospects for further growth?
BNB Defies Market Trends
BNB has risen by 6.1% in the last 24 hours and 17.7% over the past week, standing out against the overall decline in the cryptocurrency market. While major cryptocurrencies like Bitcoin and Ethereum lost about 2% in value, BNB managed to rise.
January's consumer price index data revealed an annual inflation increase of 3%, exceeding expectations. This marks the largest annual increase since June and the highest monthly rise in two years, at 0.5%.
Can BNB Price Exceed $700?
BNB managed to climb above the critical resistance of $650, reaching $670. Currently trading at $669, this altcoin aims to maintain its upward trend. According to technical analysis, the BNB/USDT trading pair targets $692 but might face strong resistance at this level. If the price surpasses $692, a swift rise to $745 could occur. However, failure to break through may trigger a pullback to $650.
Despite the Relative Strength Index (RSI) nearing 75, indicating overbought conditions, demand for BNB remains strong. The long/short ratio stands at 0.7203, which indicates that 58% of traders anticipate a decline in BNB’s price, while 42% expect an increase.
Conclusion
BNB continues to surprise the market with its growth despite adverse economic data, highlighting its resilience and potential for new achievements. Future movements will depend on overcoming key resistance levels and external market factors.
BNB demonstrates confident growth, surpassing Solana despite inflationary pressures. This draws interest from investors and might signal new market breakthroughs in the future.
