BNB Price Surges 8% Despite Bearish Market, Nears Key $700 Level as Bulls Target $800 Mark

Highlights:

• BNB jumps 8% to $699, with trading volume up 89% to $3.76 billion.
• BSC fees surged 115% in a week as other blockchains declined.
• Binance’s SEC 60-day legal pause boosts BNB’s rally.

The BNB price has jumped 8% in the last 24 hours to trade at $699 as of 5 a.m. EST on an 89% pump in trading volume to $3.76 billion. Binance Coin (BNB) is up even amidst a bearish market sentiment following the recent U.S. CPI numbers that reported inflation increasing to 3% in January, its highest yearly growth since June. While large cryptocurrencies like Bitcoin and Ethereum decreased by nearly 2%, BNB increased by 6.1% over the last day and 17.7% over the last week, even overtaking Solana’s market cap.

The $BNB price has increased by 16% in the past 7 days, and its market cap is now over $96 billion, flipping $SOL!

Meanwhile, #BNBChain processed 68.3M transactions in the past 30 days, making it the No.1 EVM chain by 30-day transactions.https://t.co/Y9bYnjH7xD pic.twitter.com/1ThX8Oz2gl

— Lookonchain (@lookonchain) February 12, 2025

BNB’s funding rate turned negative, though it saw roughly $436,000 in liquidations over the last hour, with $435,000 from short sellers, according to Coinglass. This shows extremely bullish sentiment in spite of total market pressure.

On-chain metrics for the BNB Smart Chain (BSC) have also seen incredible growth, with fees rising 115% in the past week while other blockchains such as Solana and Ethereum faltered. The uptick in activity has come amid a 60-day hiatus in Binance’s legal war with the SEC, which has boosted investor confidence. With upbeat momentum building momentum, BNB’s price could soon reach the $700 mark in the near term.

BNB Breaks Out, Targets $800 as Bullish Momentum Grows

The BNB/USDT pair on the daily chart shows a potential bullish continuation, with price trading at $698.52, making a high of $725.00 and a low of $694.68. After a prolonged downtrend in a falling channel (highlighted in orange) since mid-December 2024, BNB has finally broken out, signaling new bullish interest. This breakout coincides with a LuxAlgo trendline cross, a technical indicator often associated with potential trend reversals or continuations, adding strength to the bullish forecast.

A parabolic line is forming, and the present upward momentum can gain more strength. Parabolic moves tend to represent strong buying momentum, and if the curve is maintained, BNB can witness a rapid price increase. An RSI of 62.37 indicates healthy bullish momentum without crossing the 70 overbought threshold yet, revealing that the asset still has some room to increase before facing aggressive selling pressure.

Traders Eyes $800 as Key Resistance Nears

The near-term resistance is met at $711.62, the breach of which is crucial for the next leg up of BNB. The breaking of this resistance could take the price to the $800-$850 zone, as suggested by the green arrow pointing “more uptrend ahead.” This zone is a key psychological and technical level that could see some more buying if achieved.

On the downside, immediate support stands at $697.79, followed by more robust support at $626.88. A correction to these levels may offer buying opportunities to traders who want to ride the bullish momentum. Failure to sustain these support areas may nullify the bullish setup, and the cryptocurrency may retract towards lower levels.

Technically, overall, the structure suggests that BNB is setting up for further gains, propelled by strong momentum, a parabolic trend formation, and a bullish trendline cross. Traders should watch key resistance and support levels closely as BNB navigates this critical phase.