Binance Coin (BNB) bulls held firm on Thursday, sustaining strong momentum despite relatively subdued price action throughout the day, following a robust surge in recent weeks.
Notably, the sixth-largest cryptocurrency by market capitalization soared to as high as $793 on December 4 before experiencing a pullback to retest the $630 multi-year support in the following days. Despite the dip, BNB’s strength remained resilient, with continued upward pressure in the market.
On December 8, 2024, BNB achieved a significant milestone, reaching an all-time high while trading volume surged to unprecedented levels. J.A. Maartunn, an analyst at CryptoQuant, highlighted this development, noting that BNB’s recent price increase has been matched by a notable rise in trading volume, signaling increased investor interest.
“Price has been rising, with a strong rally starting in early 2024. Now, at the end of the year, BNB is climbing again and reaching its all-time high 4 days ago. Recent price increases match higher trading volume, showing more interest from investors.” He wrote.
The pundit further emphasized that trading activity has grown since mid-2023, with the 30-day moving average nearing its all-time high. Martunn suggested that this growth could be attributed to positive changes at Binance or favorable market conditions in 2024.
Notably, this observation underscores the heightened market activity around BNB, demonstrating sustained investor confidence and growing market activity.
Elsewhere, several key technical indicators reinforce this optimistic outlook. The Moving Average Convergence Divergence (MACD) recently showed a bullish crossover, signaling strong upward momentum. The Chaikin Money Flow (CMF) has climbed to 0.12, increasing buying pressure and growing trader confidence.
Meanwhile, analysts are becoming increasingly bullish on Binance Coin (BNB), with George “Softquant,” a TradingView analyst, pointing out that despite heightened competition from Ethereum (ETH) and Solana (SOL), BNB still has strong growth potential.
In his analysis, George compared BNB’s performance to Tron (TRX), which has surged by 68% over the past month.
“I think BNB has a lot of upside potential, but not to the extent we’ve seen with others like Tron. My target for BNB is about 150% upside from current prices,” George stated. Furthermore, although he recognizes that BNB may not see the same explosive growth as some other assets, he remained optimistic about its long-term potential due to its strong position within the Binance ecosystem and the broader market.
“If you’re looking for a safe 4x, I don’t know if it’s going to give it because of how big it is… but I do think it’s going to give quite a bit of a move out of this,” he added.
Recently, analyst Ali Martinez suggested BNB could be on the verge of a breakout. He’s closely watching for a weekly close above $662, which could signal a potential surge to $1,630.
At press time, BNB was trading at $720.40, reflecting a 3.50% surge over the past 24 hours.
