BNB, the native token of Binance and one of the largest cryptocurrencies by market cap, has hit a new all-time high of $855. This move comes during a wider rally in the altcoin market, reinforcing the belief that a full-blown “altseason” is now in motion.
Since February, BNB has shown strong bullish momentum. The token had bottomed out at $504 earlier this year, only to reverse and rise consistently, eventually entering what technical analysts call “price discovery mode” a state where no historical resistance levels exist to cap price growth. Now, investors and traders are watching closely, wondering: How much higher can BNB go?
The Technical Setup: Parabolic and Powerful
The weekly chart for BNB reveals a textbook bullish structure. After months of consolidation and gradual accumulation, BNB has surged in a parabolic pattern. This pattern typically indicates strong investor confidence and buying pressure.
BNB/USDT Weekly Chart | Credit: TradingView
A key technical element supporting the current price action is the Elliott Wave theory. Analysts suggest that BNB is in the fifth and final wave of a long-term uptrend that began in May 2022. The most recent leg appears to be forming an “ending diagonal” a narrowing pattern that often signals the peak of a trend. If this plays out as expected, BNB could climb as high as $1,035 before a correction sets in.
Supporting indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have both broken past resistance trend lines and continue to move upwards. These signals confirm the strength of the current uptrend.
Daily Chart Hints at More Upside
Zooming into the daily time frame, BNB continues to ride a steep ascending support trend line that’s been in place since February. Recent touch points in June and July saw the price bounce strongly, keeping the bullish structure intact. At the moment, BNB is trading well above its parabolic support level, which currently averages around $770.
BNB/USDT Daily Chart | Credit: TradingView
Crucially, there are no signs of weakness yet in the daily indicators. Both RSI and MACD are climbing, with no bearish divergences in sight. This adds confidence to the idea that the current rally still has legs.
According to short-term projections, BNB could face its next resistance around $878. Beyond that, the more significant barrier lies at $1,048, which aligns with long-term resistance from previous price projections. These levels could mark local tops if momentum begins to fade but for now, the uptrend looks firmly intact.
What This Means for Traders and Investors
BNB’s rally is not happening in isolation. The token’s rise is part of a broader altcoin resurgence, with many traders rotating funds out of Bitcoin and into higher-risk, higher-reward tokens. As BNB is the largest centralized exchange token, its strong performance also reflects growing confidence in the Binance ecosystem and the wider crypto market.
With both weekly and daily charts showing no immediate signs of reversal, the current technical environment suggests that BNB could continue rallying in the near term. Price targets around $1,000–$1,050 seem increasingly realistic if the current momentum holds.
However, it’s important to note that ending diagonals often precede market corrections. Once BNB reaches its fifth wave target, traders should be cautious of potential pullbacks, especially if volume starts to drop or momentum indicators begin showing divergences.
$1,000 in Sight, But Stay Alert
BNB has broken new ground, reaching $855 and pushing into uncharted territory. With a strong technical setup, no immediate signs of weakness, and backing from both short- and long-term indicators, the rally appears far from over.
Still, while $1,000 is well within reach, the parabolic nature of the move suggests that a correction could follow once peak levels are hit. For now, the momentum is with the bulls, but smart investors will be watching the charts closely for any early signs of reversal.
