Binance Coin (BNB) continues to rally, trading above $762 on Monday. It finished the previous week at $756.82, the highest-ever weekly closure. The altcoin gained upwards of 9% during the week, driven by optimism and conviction in spot as well as derivatives markets.
Open Interest (OI) in BNB futures increased to a yearly high of $1.05 billion as per Coinglass. The jump from $829.5 million last Wednesday points to fresh capital flows. Growing OI generally supports the continuation of rallies.
It shows growing confidence from traders and investors expecting continued upside in BNB price. On the weekly charts, the technicals all confirm strength. Relative Strength Index (RSI) at 66 remains well above the 50-neutral mark.
BNB breaks out, Sets up for price discovery
BNB price emerged from a descending wedge the prior week. It rose to $709.29, then ascended through resistance at $742. It continued to rise on Monday, trading at over $760. With the aid of $742, BNB can be pushed up to its all-time high of $793.86 in December of 2024.
If BNB breaks above that resistance, the next target lies at $956.92. It could be in line with the 141.40% Fibonacci extension of the Aug $400 low to the $793 high. Such a surge of that scale would put Binance Coin in price discovery and the next phase of the bull campaign.
Current daily RSI at 83 shows extremely overbought conditions. However, the daily MACD remains positive since early July. Bullish histogram bars above the center line suggest buyers are dominant, although profit-taking may be triggered soon around the ATH.
BNB gains momentum, targeting $1,000
BNB breakout mirrors broader altcoin upsurge. Solana touched $200. Ethereum exceeded $3,800. Market analysts note growing social media buzz and capital rotation into altcoins as Bitcoin consolidates near $123,000, sparking BNB’s move past $766 intraday on Monday.
BNB market capitalization rose above $106 billion, making it the fifth-largest cryptocurrency. Bullish derivatives data confirm the upside trend. With $1.38 billion in futures volume and $1.05 billion in OI, BNB can retest $793 in the near term, and even aim at a $1,000 breakout.
