The price of BNB has shown a sharp increase due to significant purchases and growing activity on the blockchain, attracting institutional investors' interest.
Strong BNB Growth Following Major Purchase
The rise in BNB's value was prompted by Nano Labs Ltd's announcement of a $90 million purchase of 120,000 BNB. The deal was executed at an average price of $707, indicating growing confidence in the Binance ecosystem.
Technical Analysis Indicates Uptrend
Recent price movements of BNB led to a significant technical breakout, with prices surpassing the $650 resistance zone. The MACD indicator showed a strong bullish divergence, and the RSI reached 86.7, indicating overbought conditions, which often coincide with parabolic moves.
BNB Chain Activity Exceeds Ethereum and Solana
The BNB Chain registered over $14 billion in decentralized exchange volume within 24 hours, surpassing the combined totals of Ethereum and Solana. This points to increasing utility and usage within the BNB ecosystem, reinforcing bullish sentiments.
The rise of BNB amid institutional interest and high blockchain activity indicates a strong uptrend that may continue under favorable macro conditions.
