BNB Flips Solana’s Market Cap – Breakout To $700 Coming?
In today’s market review, BNB leads the market at 9% and outperforms Solana after flipping the market cap of cryptocurrencies. Some analysts believe that the BNB’s breakthrough could attempt to recover from the $700 level and target new highs.
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BNB leads the crypto market
On Wednesday, the crypto market recorded another Trace backBitcoin (BTC) fell to a one-week low of $94,000. The rest of the market has red numbers registered, and most cryptocurrencies are in the top 10.
Meanwhile, BNB (formerly known as Binance Coin, Swan) jumped to a 12-day high of $689 against the current current. Cryptocurrency has a strong second quarter of 2024 after recouping its $700 resistance and hit an all-time high of $750 (ATH) in December.
Still, the initial back trial paused BNB’s momentum, leaving the inauguration day cryptocurrency below $700, hovering in the $680-660 price range.
See deeply correct Additionally, cryptocurrency pairs have had the lowest valuation since September. BNB temporarily fell to $500, pushing market sentiment to uncertain territory.
Since then, cryptocurrencies have climbed 34% from their recent lows, steadily recovering from key support zones. Today, tokens have risen 9%, retesting the $660 and $670 resistance zones for the first time in 12 days.
The surge in BNB leads the cryptocurrency market, the only token in the top 10 with market cap (MC) growing record-breaking throughout Wednesday morning. In addition, cryptocurrency regards Solana as the fifth largest cryptocurrency in market capitalization after reaching $96 billion.
On-chain data analysis company LOWONCHAIN Famous The BNB chain has processed 68.3 million transactions in the past 30 days, making it the highest EVM chain for 30-day transactions.
Break through to $700 around the corner?
Crypto analyst Ali Martinez tip When BNB approaches a critical resistance zone between $660 and $680, BNB may be ready for a large-scale move.
According to the post, cryptocurrency is face “Multiple technical obstacles” in the region, including 200, 100 and 50 simple moving averages (SMA), 0.382 FibonAcci retraction, TD sequential resistance trend line, and TD sequential risk line.
Analysts point out that breaking through these levels could “indicate the next big move.” Meanwhile, analyst Elja prospers suggestion The KMT may follow its 2021 script.
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Analysts stress that cryptocurrencies follow the same breakthrough structure and trajectory as they were four years ago, which could indicate a potential surge to new highs is around the corner.
BNB is trying to restore its monthly open level and retest the $700 barrier. A surge above this level is possible send Cryptocurrencies hit a two-month downline and “promote a bullish reversal again.”
As of this writing, BNB is trading at $687, with daily and weekly schedules up 7.2% and 21%.
Featured images from Unsplash.com, charts from TradingView.com
