Binance Coin (BNB) has experienced a notable price increase over the last 24 hours, climbing from a low of $904.63 to hit a new ATH above $940. The bullish climb has sparked speculation in the broader cryptocurrency space as to how high the BNB price could soar in the current market cycle.
BNB RSI shows room for more breakout
Notably, Binance Coin’s price uptick, combined with rising volume, has been viewed by traders as a continuation of its bullish rally. This has led to significant interest in the asset, with its Relative Strength Index (RSI) at 71.25, signaling that BNB is not yet excessively overbought and has room for further increase.
BNB Price Chart | Source: TradingView
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With the recent institutional interest in BNB, this could drive prices further higher. Binance Coin has been added as a treasury asset by Nano Labs, which acquired $90 million worth of BNB. The interest might increase demand and support a price increase.
As of this writing, Binance Coin is changing hands at $941.52, representing a 3.52% increase in the last 24 hours. The trading volume has also surged by a significant 11.11% to $2.68 billion within the same time frame. A consistent trade above these levels could catalyze a new cycle top of $1,000, which is the next psychological level.
BNB versus Solana market cap battle heats up
If Binance Coin can post a further increase, it could reclaim the fifth position in terms of ranking by market capitalization. The coin briefly edged out Solana recently when its price hit $903, pushing its market cap to $125 billion.
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However, Solana has since flipped BNB after it recorded gains of its own. Currently, Solana’s market cap is $131.47 billion, about $0.63 billion higher than BNB’s at $130.76 billion.
While the greater number of investors are eyeing the cycle top price of $1,000, Changpeng Zhao, Binance founder, has hinted at a $2,000 prediction. Market watchers are keenly observing how BNB plays out in its price outlook.
