The BNB token has recorded a new all-time high of $801 on July 23, drawing interest from investors and analysts in the cryptocurrency market. Increased trading volumes and institutional demand contributed to this rise.
Historical High and Trading Volume
The BNB token, the native token of BNB Chain, reached an all-time high of $801 during Asian trading. This surge came after a 4% daily gain and a 14% weekly rise, pushing BNB’s market capitalization past $110 billion and solidifying its position as the fifth-largest cryptocurrency by market cap.
Accompanying this price movement was a dramatic increase in trading activity, with daily volumes surpassing $3.2 billion, signaling a new wave of investor enthusiasm.
Institutional Purchases and Demand
The increase in demand for BNB is not just driven by retail traders, but also by institutional investors. A notable example is Nano Labs Ltd, which on July 22 revealed that it had significantly boosted its BNB holdings, now owning 120,000 tokens valued at approximately $90 million.
These purchases were executed at an average price of $707 per token, highlighting BNB's position as a core strategic reserve asset.
Trend Analysis and Forecasts
Analysts remain bullish on BNB. According to CoinCodex, if momentum and institutional support continue, BNB could reach $1,100 by November 2025. However, technical indicators suggest a potential overheating, as BNB is trading above the upper Bollinger Band.
The relative strength index (RSI) currently stands at 87.54, well above the overbought threshold of 70. Nonetheless, the overall trend remains decisively upward, with BNB trading well above its 20-day simple moving average of $704. If bullish momentum continues, the next resistance level could be $850.
The rise of BNB to $801 signals strong interest from both retail and institutional investors. However, it is important to consider the risks associated with overheated market conditions.
