BNB Drops After Failed Breakout, Key Support Holds as Corporate Accumulation Grows

BNB’s price slipped nearly 1.5% in volatile trading over the last 24-hour period to trade recently around $765. It’s down from a near $780 high earlier this week.

The move carved out a $34.87 range in a short window as institutional selling hit the market and buyers scrambled to defend key support. Trading volume spiked to nearly 12,000 tokens during a single hour, pointing to a wave of liquidation near the $760 psychological level, according to CoinDesk Research’s technical analysis model.

The token’s sluggish performance saw solana’s sol (SOL) surpass BNB’s market capitalization after rising 3.5% in the last 24 hours. SOL now has a $109.3 billion market cap, compared to BNB’s $106.6 billion.

Traders watching the $770 resistance zone saw rejection candles form early in today’s trading session, often a sign of big market participants offloading positions. In response, bulls staged a defense at $745.75, which led to a short-term recovery.

In BNB-related news, Binance announced a temporary pause in BNB Smart Chain withdrawals on July 23 for wallet maintenance, which is expected to last half an hour. Meanwhile, blockchain infrastructure firm Nano Labs said it increased its BNB holdings to 120,000 tokens, valued at around $90 million.

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.