Key takeaways
BNB has hit a new all-time high of $1,258.
The coin has rallied by over 20% in the last seven days, outperforming the broader market.
BNB hits a new ATH as active monthly addresses soar
BNB, the native coin of the Binance ecosystem, has hit a new all-time high of $1,256. The rally comes as BNB Chain continues to set new and impressive records. BNB Chain monthly active addresses surged to an all-time high of 60 million, up 200% since the start of the year.
In addition to that, BNB’s Total Value Locked (TVL) increased from $7.58 billion on September 27 to $8.69 billion on Monday, its highest level since May 2022. The surge in its TVL indicates growing activity within the BNB ecosystem
Finally, data obtained from CoinGlass shows that the futures’ Open Interest (OI) in BNB at exchanges hit a new all-time high of $2.57 billion on Monday. The surge in OI shows that new money is entering the market, with buyers betting on BNB rallying higher in the near term.
Will BNB hit $1,500 soon?
The BNB/USD 4-hour chart is bullish and efficient as the coin has been rallying in recent weeks. The coin rebounded from a key support level of $730.01 on August 3 to surpass $1k on September 21.
After retesting the low of $948.45 on September 26, BNB has added 24% to its value and now trades above $1,250 per coin. If BNB continues its rally, it could hit the $1,300 mark in the near term. An extended rally would allow it to trade above $1,500 for the first time in its history.
The BNB/USD 4-hour RSI of 81 shows that the coin is currently heading into the overbought region. The Moving Average Convergence Divergence (MACD) showed a bullish crossover last week, indicating a bullish bias.
However, BB could face a correction following its recent rally. If that happens, BNB could find support at its recent low of $1,134.
