Binance Coin (BNB), the native token of Binance Chain, has experienced a remarkable 7% increase in the past 24 hours, underscoring a positive trend that positions BNB among the top 5 performing cryptocurrencies in the market. Surpassing its year-high record of $645, BNB soared to a new milestone of $673 on Tuesday.

Analysts Predict Further Upside Potential

Renowned market analyst Sheldon The Sniper views BNB as one of the leading altcoins, setting a target of $1,000 should the current uptrend persist. Expressing optimism, Sheldon describes BNB’s outlook as extremely bullish, with expectations that it will surpass its previous all-time high of $686, set in May 2021.

BNB Entering Price Discovery Phase

Crypto analyst Kaleo highlights Bitcoin, Ethereum, and Solana while underlining BNB’s imminent entry into a price discovery phase. Kaleo emphasizes BNB’s historical performance, noting its significant role during the 2021 bull market, where it witnessed a 50% growth phase.

Binance Positioned for Institutional Inflows

Following CEO Changpeng Zhao‘s conviction in April, regulatory uncertainty surrounding Binance has substantially decreased. This positive sentiment has positioned BNB and Binance to capitalize on upcoming institutional inflows in trading volume. In the past 24 hours alone, BNB experienced a 15% surge in trading volume, reaching $2.3 billion compared to the previous day’s session. Its market cap now stands at $102 billion, reflecting a $6 billion growth within 24 hours.

With BNB’s recent surge and bullish projections from analysts, including a target of $1,000, the cryptocurrency demonstrates strong potential for further growth. As Binance solidifies its position amidst decreased regulatory uncertainty, BNB is poised to capitalize on institutional inflows, setting the stage for an exciting period of price discovery and market expansion.