BNB has given tough competition to Solana (SOL) on December 4 as it rallied to hit its all-time high point of $779. However, it soon declined to $771 showcasing a 24-hour gain of 20%. Ultimately the price ended up at $739 with an 8% surge.
However, this sudden surge and the continuing strong upward trend is highlighting BNB’s resilience and appeal to crypto investors amid heightened activity in the cryptocurrency market.
The coin also witnessed a 132% surge in its trading volume about 7 hours ago when it hit $5.82 billion trading volume and $111 billion market cap. This remarkable price rally led to liquidations of the token as $4.5 million short positions got liquidated.
Earlier last month, BND showed a major price shift as it broke through 8-month resistance zone lying between $572 and $619 levels. The altcoin initially faced the $658 resistance level but it successfully overcame it in the last 24 hours to continue with the bullish trend which indicated a strong upward momentum for the token.
At present, BNB is eyeing the $800 mark after setting a new all-time high. This trading level is a potential resistance level and support level for the altcoin. Analysts suggest that BNB could rally beyond the $800 mark if the bullish trend and the positive outlook of the broader altcoin market continue.
The significant increase highlights a growing interest in digital assets, as BNB’s rally influences market dynamics and investment strategies. Analysts are closely monitoring the cryptocurrency’s performance, viewing it as a potential bellwether for broader market trends.
With BNB reaching record levels, the surge underscores the importance of tracking market movements and understanding the factors fueling growth in the digital currency sector.
BNB crossed Solana in market cap on December 4 as it gained 7.74% in the last 24 hours to trade at $739.76 while its trading volume rose more than 94% to touch $6.27 billion and the market cap surged to reach $106.52 billion. However, at press time on December 5, Solana market cap has again toppled BND as it hit $110.58 billion, a 1.15% jump in the last 24 hours.