BNB reached $1,223 with a 4% increase, demonstrating its strength.

The Rise of BNB and Market Situation

BNB has seen an increase of over 4% in the last 24 hours, reaching a significant level of 1,223 USD. This movement has been supported by rising trading volume, institutional interest, and increasing network activity.

BNB Chain is gaining attention with the rise in active addresses and decentralized trading. The total value of the Aster Protocol has risen by 570%, reaching 2.34 billion USD.

Despite a pullback seen late in the session, BNB has managed to maintain most of its gains, staying above 1,200 USD. Technical analysis indicates that the price will continue in an upward trend, with major support and resistance areas around 1,148-1,158 USD and 1,223 USD.

Institutional Demand and Market Interest

BNB stands out as a token used for providing discounts on trading fees on the Binance platform. Recently, companies such as Jiuzi Holdings and Kazakhstan’s Alem Crypto Fund have added BNB to strengthen their assets.

This rise is being further bolstered by expectations that the Federal Reserve may lower interest rates by 25 basis points this month, enhancing its positive impact on the cryptocurrency markets. Additionally, BNB Chain has also been supported by an update that reduces the minimum trading fee to 0.05 Gwei.

Technical Analysis and Price Movements

According to research from CoinDesk, BNB traded within a wide range during the session, fluctuating between 1,148.12 USD and 1,223.08 USD. The price closed the session at 1,201.13 USD, achieving a gain of 2.27% in the last 24 hours.

Notably, an increase in trading volume occurred with the breaking of the 1,200 USD level. A trading surge saw volumes reach nearly five times the daily average. This situation has resulted in the development of a critical resistance area around 1,223 USD.

Support was constantly observed during the session due to ongoing buying pressure, showing itself between 1,148 USD and 1,158 USD. Any decline toward this area attracted new demand. A sharp pullback seen late in the session signals a need for caution. After testing the 1,215 USD level, BNB quickly retraced back to the 1,201 USD level, reducing earlier gains.

It seems that larger holders acted with the desire to realize profits at this high resistance point. However, BNB has still managed to retain most of its gains, staying above the 1,200 USD level. The current rise continues.