- BNB could reach multiple ATHs in a single year if it stays on track.
- The coin faces critical resistance near $670.
BNB saw a comfortable rise last month as its price jumped over 33%. This latest price rally has now pushed BNB to a level that is only 10% away from its all-time high.
Therefore, AMBCrypto further investigated whether this rally would sustain and push the coin towards an ATH.
BNB hits all-time high
As a reminder, BNB only reached its ATH in June 2024, when its value reached $717. Since then, the coin has managed to stay at the upper end of its price range.
In November, the value of the coin increased significantly, which can be attributed to the bullish market situation. With this, it will only take another 10% increase in price for the coin to retest its ATH.
Over the past month, BNB’s price rise has been supported by high trading volume. For initiators, high trading volume provides the basis for a sustainable uptrend.
Additionally, its weighted sentiment has increased several times – a sign of growing bullish sentiment, reflecting investor confidence in the coin.
Source: Santiment
Is a new ATH approaching?
Since the coin was gradually heading towards its ATH, AMBCrypto planned to dig deeper into BNB’s on-chain data. The room long/short ratio recorded a slight increase in the 24 hours.
This meant that there were more long positions in the market than shirt positions – a clear indication of increased bullish sentiment.
Apart from this, the buying pressure on BNB has also increased several times over the past two weeks. According to data from Hyblock Capital, the coin’s buying volume reached 93 on November 14.
After that, the coin also saw an increase in buying pressure on November 24-25. However, things have calmed down in recent days as the measurement fell to 10.4.
Source: Hyblock Capital
Interestingly, if BNB attempts to retest its all-time high, it will have to break through a barrier. The coin will have a liquidation leverage of $3.25 million when its value reaches $670.
Every time the liquidation peaks, it leads to price corrections. Therefore, it will be crucial for the coin to first surpass this level in order to aim for a new all-time high.
Source: Coinglass
Notably, as the coin’s price increased last month, so did the blockchain’s network activity. Data from Artemis revealed that BNB Chain’s active addresses remained high. With this, its daily transactions have also increased.
Read Binance Coin (BNB) Price Prediction 2024-2025
Robust network activity often supports price increases. This suggests that BNB’s progression towards its ATH was supported by factors on multiple fronts.
Source: Artemis
