BNB hits all-time high as institutional accumulation rises

BNB, the native token of BNB Chain, reached an all-time high of $801 during early Asian trading hours on July 23. 

The milestone comes after a 4% gain over the past 24 hours and a 14% rise over the past week. At press time, BNB (BNB) is ranked #5 by market capitalization, now exceeding $110 billion. Trading activity around BNB has also surged. Daily volume rose 42% to over $3.2 billion.

According to Coinglass data, BNB futures open interest climbed 19.16% to $1.23 billion, while derivatives volume jumped 33.3% to $2.18 billion. These figures point to a rise in speculative activity, which is often associated with fresh investment and optimism for further growth.

Institutional interest appears to be playing a key role in this breakout. On July 22, Nano Labs Ltd, a Web3 infrastructure firm based in China, disclosed that it had raised its BNB holdings to 120,000 tokens, valued at approximately $90 million.

The firm executed over-the-counter purchases at an average cost of $707 per BNB and stated that it views BNB as a core strategic reserve asset. Nano Labs says it will continue to build its BNB reserves through further acquisitions and potential investments in entities focused on BNB holdings.

This increase in demand supports bullish forecasts. According to CoinCodex analysts, BNB may reach $1,100 by November 2025 if momentum continues and institutional support remains robust. 

Technical indicators, on the other hand,  show that BNB may be approaching overheated levels despite being on a strong uptrend. BNB is trading above the upper Bollinger Band on the daily chart, indicating significant bullish momentum and high volatility.

The relative strength index is well above the overbought level of 70 at 87.54, indicating that buyers are in control but also raising the possibility of a short-term decline.

BNB continues to hold firmly above the 20-day simple moving average, now at $704, indicating a strong uptrend structure. Together with the price, volume has also increased, confirming the move.

BNB may aim for the psychological $850 level if momentum continues, with $900 serving as the next significant resistance level. If RSI cools off or a pullback occurs, BNB may find support near $740 or the 20-day SMA around $705.