Recent US CPI data has dampened market sentiment, yet BNB continues to show a growing trend.
Impact of Inflation on the Market
The latest US Consumer Price Index (CPI) data indicated a rise in inflation to 3% in January, the highest rate since June. This has caused concern in the markets as inflation continues to rise for the fourth consecutive month.
BNB Metrics Analysis
Despite the negative funding rate and overall market volatility, BNB has increased by 6.1% over the last day and by 17.7% over the past week. Binance Smart Chain (BSC) also sees increased activity by 115%, while other blockchains like Solana and Ethereum have seen declines.
BNB Price Forecast
The recent breach of the $650 resistance level opens up new prospects for BNB's price. The current target is $692, with a potential rise to $745 if broken. On the other hand, if the price fails to hold at $692, a fallback to $650 is possible.
Despite market volatility, BNB continues to demonstrate growth, attributed to improved metrics on the Binance Smart Chain.
