BNB demonstrates growing demand for purchases amidst positive market sentiment, despite facing resistance at the $600 level. Large holders continue to accumulate tokens during recent price corrections.
Steady Demand for BNB
Despite many altcoins dropping by 98% from their all-time highs, Binance Coin (BNB) has shown strong buying demand, suffering much smaller losses compared to Bitcoin. According to Coinglass data, BNB experienced total liquidations of $97,300, with buyers accounting for $37,000 and sellers for about $60,000.
Market and Open Interest
Open interest in BNB continues to climb, rising by 3.3% to over $760 million. This growth may support recovery and limit sharp declines. However, investor concerns remain as the funding rate recently peaked in the negative zone at -0.485%. The latest quarterly token burn, completed on April 16, destroyed 1.57 million tokens worth over $1 billion at current prices.
Future BNB Price
BNB continues to face resistance around the $610 level. Currently, it is trading near $595, showing a slight 0.66% gain over the past 24 hours. If buying pressure continues to build, BNB could break through this level, potentially moving toward the next key target at $644.
Thus, BNB shows strong growth interest from investors, which may lead to further increases in its value. Market uncertainties require vigilance, but current trends may indicate potential recovery.
