By
Chimamanda U. Martha
April 19th, 2024
According to a report, there is a 5.3% increase in its holdings with new whales having in possession 100,000 BNB and 1,000,000 BNB.
The record run of BNB in the last three months is there for all to see, having moved by 1351% in the same period from $37 low to a new height. After BNB recorded its all-time high, the price took a deep fall to trade below $500 for a moment before bouncing back to move within the $556 and $594 price range.
Interestingly, BNB made a swift move to set a new all-time high of $610 before climbing down to a current price of $584 in the last 24 hours. In this same period, Bitcoin has drifted away from its record price of $64,000 to move around $55,000 as it struggles to overcome its new resistance level.
According to analysts, the BNB price is supported by technical analysis for any potential move above its new record price. BNB has been said to target a leg-up to 127%, 141%, and 161% when all other things are made equal. This paints a positive picture of the future of Binance especially to investors who recently joined the train. The analysis projects a target price of $695, $725 and $768 in respective order of the potential percentage increase stated above.
When the projection based on technical analysis is put away, the activities of whales as well provide a good viewpoint about the future of BNB. According to a report, there is a 5.3% increase in its holdings with new whales having in possession 100,000 BNB and 1,000,000 BNB.
The fact that these whales are not in any hurry to sell their assets certainly means they are optimistic about the future. Whale Count as a metric that takes notice of transactions worth $100,000 or more has been said to be 275% up since April 20. The rise of this metric portrays the high interest of wealthy individuals which in most cases is followed by an insane price surge.
Though some of these metrics support a bull-run, the negative factors of demand can render these predictions infertile especially when there is a sell-off pressure that mostly follows some negative news about the asset or the general market.
When Changpeng Zhao, the CEO of Binance was asked about the reason for the BNB price surge, he mentioned several implemented projects as the factors. One of them is the Binance Smart Chain. If there will be any future price surge, these would be the same factors that will act as catalysts.
The Binance Smart Chain is doing well as the DeFi projects on this platform led by Pancake have brought a whooping volume to the BSC. This project has recorded significant growth with a 1003% of liquidity. The volume has also seen an unprecedented growth of 2800% between January 1 and February 17. This grew from $37 million to $1.1 billion, forcing the BNB price to react.