Price Analysis View Non-AMP

Binance Coin Flips Solana’s Market Cap Amid Market Downturn: Will BNB Price Surge Above $700?

Published by
Shayan Chowdhury

After the latest CPI data revealed that inflation picked up in January, following a trend of higher rates over the past three months, the overall market mood has soured. However, the price of BNB (Binance coin) is still rising, maintaining its upward trend despite increasing bearish pressure. Additionally, it has recently flipped Solana’s market cap. With on-chain metrics for Binance coin improving, there could be a sharp increase in its price, potentially reaching $700.

BNB’s Funding Rate Becomes Negative

BNB has managed to increase in value, even while other major cryptocurrencies like Bitcoin and Ether have fallen by nearly 2%. This dip in the broader crypto market follows a new CPI report indicating that inflation has been rising for the fourth straight month.

The latest CPI data has caused concern across the markets as it showed that U.S. consumer prices went up by 3% from last year in January, an increase from December’s 2.9%. This is the biggest year-over-year rise since June and was higher than what economists had predicted. On a monthly basis, prices went up by 0.5%, marking the biggest increase in two years, up from a 0.4% increase the previous month.

Despite the overall market downturn and negative BNB funding rate, BNB has increased by over 6.1% in the last day and has risen about 17.7% over the past week. Data from Coinglass indicates that BNB experienced a total liquidation of approximately $436,000 in positions over the last hour. Of this amount, around $435,000 came from the liquidation of short positions by sellers.

The BNB Smart Chain (BSC) is seeing significant growth in its on-chain metrics. Notably, BSC’s fees have jumped by 115% in the last week, while other blockchains like Solana, Ethereum, and Base have experienced declines. This surge in BSC’s activity could be partly due to the recent 60-day halt in Binance’s legal issues with the SEC, which was announced two days ago.

What’s Next for BNB Price?

The price of Binance Coin (BNB) has been climbing steadily, surpassing the key resistance level at $650. Despite strong opposition from sellers, buying momentum continues to grow, pushing the price through various Fibonacci channels to reach a high above $670. Currently, BNB is trading at $669, marking a 5.9% increase over the last 24 hours.

The BNB/USDT trading pair is aiming for $692 but could face significant resistance, potentially leading to a fallback to $650. However, with the Relative Strength Index (RSI) at 75, which is just above the overbought threshold, there remains strong demand for BNB. If the price can break above $692, a surge to $745 could occur.

On the other hand, if the price fails to hold at $692, it could drop back down to $650.

With the long/short ratio currently at 0.7203, there might be a downward pressure ahead. At present, 58% of traders believe the BNB price will drop, while 42% anticipate a price increase.

Shayan Chowdhury

Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.

Recent Posts

Top 10 Best Crypto Presales June 2025 – Unstoppable Opportunities to Skyrocket Your Portfolio!

Crypto’s Next Wave – Are You Ready? Crypto enthusiasts, June 2025 has arrived with a…

June 25, 2025

Crypto Traders Are Leaving SOL and AVAX for Kaanch—Best Crypto to Buy Now Before BitMart Listing

Crypto traders are rapidly shifting their focus away from Solana (SOL) and Avalanche (AVAX) toward…

June 25, 2025

2025’s Definitive Guide to Crypto’s Top 10 Best Meme Coins & Crypto Presales

Introduction to Unreal Growth of Meme Coins & Crypto Presales The meme coin and crypto…

June 25, 2025

Bitcoin Price Prediction 2025: Expert Says $160k Possible This Cycle

As Bitcoin continues to hover around the $100,000 mark, experts are debating just how high…

June 25, 2025

Ripple vs SEC Lawsuit Update: New Ruling Expected, But It Won’t Decide XRP’s Future

The long-running legal battle between Ripple and the U.S. SEC is once again making headlines.…

June 25, 2025

These 2 Tokens That Are Not Dogecoin (DOGE) and Shiba Inu (SHIB) Will Turn $200 into $10,000 in 2025

While Dogecoin (DOGE) and Shiba Inu (SHIB) remain the OG giants of the meme space,…

June 25, 2025