Binance Coin (BNB) has surged to a new high of $1,112 in a dramatic 24-hour rally while the market sees millions in liquidation. The spike in BNB’s price comes as leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) see renewed investor interest.
According to CoinMarketCap, BNB is currently trading at $1,097.47 with a 24-hour trading volume of $4.21 billion. The token jumped 6.47% in a single day, showing a sign of strong momentum.
Besides the price surge, Coinglass data show heavy market liquidations. In the last 24 hours, over $396 million worth of positions vanished, in which short traders lost $268 million while long traders shed $127 million.
Rising momentum and trader sentiment
The liquidation wave highlighted the strength of bullish pressure. In total, $7.71 million in BNB-linked positions were liquidated, with shorts carrying $7.34 million of the hit. Consequently, bearish bets have suffered heavily, underscoring strong upward market sentiment.
Still on the Coinglass platform, BNB’s funding rates have fluctuated over the past three months, a sign of aggressive positioning.
According to the chart, from July to early October, funding rates spiked above 0.01% several times, coinciding with price surges. Brief dips into negative territory showed moments of short-term bearish dominance, yet the overall trend remained positive.
Technical signals and price outlook
According to TradingView data on a 4-hour chart, BNB has been climbing inside a rising channel since mid-July. The token recently touched the upper edge of that range, around $1,098, reflecting strong buying pressure.
The 200-day EMA serves as a long-term support and is currently at $774. Additionally, BNB may not yet be overbought, according to valuation metrics like the MVRV Z-Score, which allows the rise to continue.
Analyst Henry expressed optimism about BNB’s rally on X, pointing out that the token is no longer in a bullish flag pattern. He said, “Bullish flag got a break, and the target is $1,200 for the new ATH. We are so close to that.”
Henry also praised long-term holders who stayed through tough market conditions, writing, “Congrats to the real diamond hands who held through 2022.” He further echoed Binance Co-Founder Changpeng ‘CZ’ Zhao’s advice to “buy the dip,” adding that the next target could be $2,000.
Closing on an optimistic note, Henry said, “100 BNB and a dream is enough to retire your entire bloodline. LFG, it’s the $BNB season!!”
BNB crossing $1,100 proves buyers are firmly in control. With short sellers taking heavy losses, the spotlight now shifts to the $1,200 mark as the next big test.
Also Read: Bitcoin Equilibrium Signals Move Toward $130K: New ATH Soon?
