The Binance Coin (BNB) has registered an impressive rally rising to $832, a high not witnessed since 2021. Such a rally is accompanied by a series of positive fundamentals, such as a 37% gain in active addresses in the last month, which even beats Solana in terms of growth percentage, making it the 5th most valuable crypto asset.
This brings numerous questions into the minds of investors. Is BNB ready to dominate the market and record its all-time high as key technical indicators show strength and the institutional interest increases?
Institutional Demand Intensifies!
The new Maxwell upgrade which was launched on June 30 came out with better validator coordination, shortened block times, and higher throughput within networks. It has transformed the user experience, and this is probably what has driven an increase in active addresses by 37%, one of the steepest increases in several major chains, according to Nansen data.
In addition, confidence within an institution is gaining momentum. The items that made the news were Windtree Therapeutics, which is buying BNB to store in its treasury, at an outlay of $520 million, and Nano Labs, traded on NASDAQ, adding about 128,000 tokens to its vault and approximately $108 million.
Binance Coin Achieves A New All-time High Today!
The BNB coin has managed to overcome the resistance of $750 within the last 48 hours, pushing its value successfully above the $800 mark. Notably, the altcoin is currently exchanging hands at $832 and is less than 3% away from achieving a new ATH $859.59 that was recorded approximately 12 hours ago.
With this, the next key point for it is at the $900 mark, after which its psychological target price of $1,000 resides.
The RSI indicator stands at 70.34 (overbought) and is on a constant rise. Additionally, an uptrend on the MACD is confirmed, as the blue line crosses the orange signal line.
As the on-chain fundamentals look bullish, institutional support is also acute, and the charts have positive momentum, BNB is likely to be a good purchase going up to test the $900 level. Furthermore, increased whale activity and institutional involvement could push the price beyond the $1000 mark.
However, any sign of reversal could result in a pullback to the levels of $750 within a short period of time.
Also Read: CEA Industries announce $500M PIPE to Build Largest BNB Treasury
