BNB Holds Near $660 as Traders Weigh Breakout Potential

BNB Chain’s native token

BNB$659.05 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.

Source