Binance Coin (BNB) has demonstrated impressive growth, reaching a significant mark of $832, which is the highest price since 2021. This rise is accompanied by an increase in active wallets and institutional investor interest.
Rising Institutional Demand
The June 30 update, known as Maxwell, improved validator coordination, shortened block times, and increased throughput. This positively impacted user experience and likely contributed to a 37% increase in active addresses, one of the fastest increases among major cryptocurrencies. Notably, Windtree Therapeutics and Nano Labs recently announced significant BNB purchases worth $520 million and $108 million, respectively.
New All-Time High for BNB
BNB has surpassed the $750 resistance level in the past 48 hours, reaching $832. The altcoin is less than 3% away from the previous high of $859.59 recorded about 12 hours ago. The next key point is the $900 mark, after which investors' focus will shift to the psychological target of $1,000.
Technical Performance Analysis
The RSI indicator stands at 70.34 and continues to rise. A bullish trend on the MACD is confirmed with the blue line crossing the orange signal line. Despite the positive signals, a potential pullback to the $750 level should be considered if signs of reversal appear.
Given the positive trends and institutional interest, BNB is poised to test the $900 level and possibly breach the $1,000 mark. However, caution is advised due to the risk of a pullback to lower levels.
