The altcoin’s price jumped 16% in the last 24 hours, driving $3 million in short position liquidations. Surprisingly, even bullish traders faced setbacks, with $2.26 million in long positions liquidated due to heightened volatility.
Technical indicators, like the Average Directional Index (ADX), show a solid uptrend. The ADX remains above the key threshold of 25, suggesting the rally has strong backing. Investor optimism is fueling the trend, with market participation steadily increasing.
BNB’s breakout has reignited bullish sentiment. After clearing resistance at $658, it quickly climbed to its current high. The next target is $800, a key level for traders eyeing further gains.
However, analysts caution that profit-taking could interrupt the rally. A dip to $721 support might occur if sellers dominate. A drop below this level could signal a shift to a more cautious market outlook.
For now, BNB’s price momentum appears strong, with investors closely watching its next moves. Whether it sustains this trajectory or faces a pullback will depend on market dynamics in the coming days.
