BNB Holds Near $660 as Traders Weigh Breakout Potential

BNB Chain’s native token (BNB) held steady near $660, shifting in a narrow band of less than 1% over the past 24 hours. The lack of volatility underscores a pattern of consolidation.

BNB is trading at $659.61, down just 0.5% for the day, with buyers stepping in repeatedly around $659.45. Sellers, meanwhile, blocked advances beyond $664.38, a price ceiling that traders are eyeing as a potential launchpad for a breakout if macroeconomic pressures ease, according to according to CoinDesk Research’s technical analysis model.

On-chain data points to mixed sentiment among traders. Funding rates, the fees paid between traders in perpetual futures markets, have slipped lower, a signal that traders are hedging rather than chasing after bitcoin’s recent rally above $109,000.

Corporate adoption is nevertheless growing, with Nasdaq-listed chip market Nano Labs recently acquiring about $50 million worth of BNB as part of its plan to own as much as 10% of the cryptocurrency’s global supply.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.