BNB Price Surges to New All-Time High: Is $1,000 the Next Target?

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As Bitcoin (BTC) buyers consolidate to regain bullish momentum for the next rally above $100k, the altcoin industry – led by Ripple Labs XRP, Binance Coin (BNB), and Tron (TRX), among others – has gained significant grounds. The TOTAL3, which excludes Bitcoin and Ethereum, rallied to a new all-time high (ATH) of about $1.14 trillion, thus signaling the onset of the much-anticipated altseason.

 In the past 24 hours, BNB price surged over 15 percent to reach a new ATH of about $771.60, before retracing to around $750 on Wednesday during the early Asian session. As a result, BNB’s price has broken out of the multi-year resistance range between $697 and $725, thus entering the much-anticipated discovery phase of the macro bull cycle.

Growing Binance Ecosystem 

The Binance ecosystem has grown to a major web3 project, with dozens of DeFi projects. The large-cap altcoin, with a fully diluted valuation of about $107 billion, registered a 100 percent surge in daily average traded volume to around $5.2 billion.

Over the years, the Binance ecosystem has become a vibrant online community of developers and investors. As of this report, the total value locked (TVL) on the Binance Smart Chain (BSC) was about $5.57B, and a stablecoins market cap of over $6B.

However, the Binance exchange has registered the highest growth in stablecoins inflows in the recent past on various chains. With over 240M registered global users, Binance Exchange is well positioned to grow to a trillion-dollar company amid the mainstream adoption of BNB.

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Midterm Targets for BNB

After a successful bullish breakout to new ATH, BNB’s price is now well positioned to regain its prior fourth position, in terms of market cap. From a technical analysis standpoint, BNB price is now aiming to reach the next major psychological milestone of at least $1,000, which will pave the way for a parabolic rally in the subsequent months.

However, the BNB price must consistently close above the resistance level of about $725 to validate a successful bullish breakout. Furthermore, the weekly Relative Strength Index (RSI) is attempting to rally above the 70 percent threshold for the first time since early this year.

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