BNB Hits All-Time High and Surpasses Solana in Market Capitalization

The BNB (Binance Coin) token has surged in value, reaching a new all-time high (ATH) of $801. According to analysts, the sharp price increase was fueled by institutional buying, strengthening on-chain metrics, and an intensifying supply shortage. Following the news, BNB’s market capitalization surpassed $110 billion, allowing it to overtake Solana ($107 billion) and reclaim the fifth spot in the overall crypto rankings.

Large Transaction Supports the Rally

The upward move followed reports of a significant over-the-counter (OTC) purchase, in which Nano Labs Ltd acquired 120,000 BNB worth $90 million at an average price of $707 per token. Although such transactions typically occur without slippage and do not directly affect market quotes, they contribute to a supply squeeze, strengthening the price momentum.

Particular attention was drawn to the timing of the deal - just a few weeks after Binance completed another round of its monthly token burn, removing over $1 billion worth of BNB from circulation. This further reduced the available supply and increased market scarcity.

Technical Breakout and Overbought Signals

In early July, BNB broke through a key resistance level near $650, forming a strong bullish structure. The MACD (Moving Average Convergence Divergence) indicator showed the largest bullish divergence since June, reaching a value of +9,48. The RSI (Relative Strength Index) jumped to 86,7, signaling an overheated market, although such high levels can persist during parabolic growth phases.

According to analysts, from a technical standpoint, the price has already moved beyond the 127.2% Fibonacci extension level ($834). If momentum continues, the next target range could fall between $893 and $958.

Derivatives Market Confirms Sentiment

Activity in the derivatives market also reflects growing interest: open interest on futures contracts increased by 19%, reaching $1.23 billion. The positive funding rate on perpetual contracts (+0,0137%) indicates dominant bullish sentiment, as traders are willing to pay to hold long positions.

Previously: Solana Breaks Key $200 Mark for the First Time Since February

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