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BNB, the native token of the BNB Chain (formerly Binance Coin), has shown significant strength over the past week, with its price closing at a new all-time weekly high of $756.82. This marks a 9.37% gain for the week and indicates growing investor confidence. At the time of writing, BNB continues to trade above $762, reflecting continued bullish momentum.
Recent data from CoinGlass shows that the Open Interest (OI) in BNB futures has climbed to a yearly high of $1.05 billion. This figure is up from $829.50 million recorded just days earlier on Wednesday. Open Interest refers to the total number of outstanding derivative contracts, such as futures or options. A rising OI suggests that more capital is entering the market, with traders opening new positions, which is typically a bullish signal. It indicates that investors are optimistic about BNB’s near-term prospects and are willing to bet on its continued growth.
Technically, BNB appears poised to push even higher. The recent weekly close above $756 marks the strongest performance ever recorded on a weekly basis. This breakout could set the stage for a test of the previous all-time high at $793.86, which was reached in December. If BNB manages to close above this level in the coming sessions, it could enter a “price discovery” phase — where the price moves beyond historical highs without previous reference points — with the next major target potentially at the 141.40% Fibonacci extension level of $956.92. This Fibonacci level is calculated using the August low of $400 and the December high of $793.86 as the key reference points.
Momentum indicators on both the weekly and daily charts support the bullish case. The Relative Strength Index (RSI) on the weekly timeframe currently stands at 66, well above the neutral level of 50, which suggests strong upward momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has shown a bullish crossover since mid-May. The green histogram bars on the MACD continue to rise above the neutral zero line, further confirming that bullish sentiment is building.
The daily chart reinforces this optimistic outlook. Last week, BNB successfully broke out of a falling wedge pattern — a structure that typically signals a trend reversal. Following this breakout, BNB hit the wedge’s target level of $709.29 and continued climbing. On Sunday, the token closed above a key resistance level at $742, turning that zone into a potential support area.
As of Monday, BNB remains above $760, suggesting that bulls are still in control. If the $742 level holds as support in the coming days, BNB could retest and potentially surpass its all-time high of $793.86. Beyond this point, the next key resistance zone would likely be near $956, based on the Fibonacci extension mentioned earlier.
However, not all signals are without caution. On the daily chart, the RSI has reached an elevated level of 83, which indicates that the token is currently in overbought territory. This means that a short-term pullback is possible, especially if traders begin taking profits after the recent rally. Despite this, the MACD remains in a strong bullish position, having shown a crossover in early July that is still intact. The continuous growth of green histogram bars above the zero line also supports the idea that upward momentum has not yet faded.
In summary, BNB is demonstrating clear bullish signals across multiple timeframes. The rising Open Interest in derivatives markets confirms that institutional and retail traders alike are positioning for continued gains. Technical indicators show momentum is strong, and BNB’s breakout above previous resistance levels suggests further upside potential. A sustained move above $793.86 could pave the way toward new price levels, with $956 as a possible medium-term target.
Still, traders should monitor key support and resistance zones carefully. The overbought RSI on the daily chart suggests that a short-term correction is not out of the question. A healthy pullback could offer new entry points before the next leg up. Long-term holders, however, may view the current trend as a strong sign of continued strength in BNB’s market position.
As crypto market sentiment improves and BNB maintains strong technical footing, all eyes will be on whether it can establish a new all-time high in the days ahead.
