How Far Can Binance Price Rise After Surpassing the $800 Mark?

Binance Coin price surged past the $800 mark for the first time, setting a new all-time high near $804. This milestone came after a month-long rally, where gained over 20%, supported by bullish market sentiment. Although the price has slightly retreated to around $775, momentum remains strong.

Over the past week, Binance has continued to outperform as Bitcoin also posted a 10% gain. Analysts point to rising institutional interest and expanding on-chain activity as key drivers behind the token’s recent growth.

Institutional Demand Pushes Binance Coin Price Higher

BNBs recent climb reflects increased institutional accumulation. On July 23, Nasdaq-listed Nano Labs acquired 46,000 BNB worth roughly $35 million. This purchase forms part of a broader $1 billion crypto treasury strategy.

The ecosystem has grown strong. Binances Chain has been facilitating more than 14 billion USD in daily decentralized exchange (DEX) activity since June and outperforming Ethereum.

The number of transactions per day has increased by threefold since Q2, and active wallet addresses have increased by 130% since April.

In technical terms, Binances remains strong. The bullish chart patterns and the increasing demand of derivatives indicates that there could be more upside to it. Nevertheless, short-term corrections are also to be expected after such a fast rally.

Analysts are now watching closely to see if the token can stabilize above $800 and continue its upward trajectory.

BNB Surges as Binance Turns Eight

Binance has become a major milestone, celebrating its 8th anniversary with a considerable increase in the price of its own token, BNB. The coin has just gone above 800 as it means 800,000 percent increase or growth after the ICO launch of 10 cents eight years back.

Source: Tweet

The milestone signifies the platform and its long-term development and impact in the crypto sphere. Binance also focused on the symbol of power with eight which suggests longevity and prosperity. With new horizons ahead, the exchange positively foresees its future and hopes that it will at least be as high as its inception speed so far.

Will Binance Coin Price Rally To $1k Soon?

BNB price is currently at $770, showing a slight surge of 2.10% in the last 24 hours after a recent rally. The Binances price recently touched highs near $810 before facing resistance and pulling back. Despite the retreat, the broader trend remains bullish.

Technical indicators suggest that Binances Coin (BNB) may be entering a cooling phase. The Relative Strength Index (RSI) stands at 76.16, which is an overbought situation. Such a level refers to potential short-term profit-taking and consolidation.

Source: BNB/USDT daily chart: TradingView

The Moving Average Convergence Divergence (MACD) displays positive, quite high momentum. The MACD line stays above signal line, and bars of the histogram are green. Nevertheless, the steep increase could be the indication of the exhaustion in case the bullish pressure is undermined.

Immediate resistance lies around the $800 level, which has proven tough to break. If bulls manage to push through this zone, the next key resistance levels are at $900 and $1,000.

On the negative side, an initial support zone is presented by the level of $750. A close below this level would open up BNB to falling lower to the level of $720 or as much as $700.