According to data from crypto.news, BNB (BNB) surged to a record high of $1,079 on Sep. 21 before encountering selling pressure that pushed its price down to $975. Although bulls briefly reclaimed the $1,000 level on Sep. 23, a wave of broader market liquidations dragged it back below support. 

Now, with sentiment improving, BNB bulls have once again regained control and pushed the price back above $1,000.

A look at the open interest in the futures market suggests there is robust demand for the altcoin among traders. Notably, BNB’s OI has increased by 3% over the past day to $1.89 billion at press time, while its weighted funding rate has flipped back to positive, suggesting longs were paying shorts to keep their positions open, a sign that traders are increasingly positioning for further upside.22

Further data from CoinGlass liquidation heatmap reveals a high density of short liquidations (yellow bands) clustered around $1,050, just above its current price level, while the liquidation heat is much cooler below the price, suggesting fewer long positions at risk of liquidation. 

With buyers pressuring sellers, the setup points to a potential short squeeze that could accelerate gains if BNB pushes higher into that zone.

BNB price trades within an ascending parallel channel

On the daily chart, BNB price has been trading within an ascending parallel channel, a popular bullish continuation pattern since the beginning of June. In technical analysis, an asset’s price continues to move upwards as long as it remains within the pattern.

BNB price has also moved above both the 50-day and 200-day SMAs, which earlier formed a highly bullish golden cross, a sign that both the short-term and long-term outlook remain positive for the token.

Momentum indicators like the MACD and RSI also point to a bullish bias for the token. The MACD line is close to forming a positive crossover with the signal line, while the RSI remains at 61.7, leaving room for further gains before entering overbought territory.

Therefore, if bullish momentum remains intact, a breakout from its previous all-time high at $1,079 could set up the token to hit a new high of $1,120, a level that lies nearly 10% above the current price level.

On the contrary, a drop below $960, which aligns with the 78.6% Fibonacci retracement, would invalidate the price prediction.

Catalysts that could fuel further upside for BNB

BNB rallied to an all-time high earlier last week, supported by the strong growth of BNB chain’s defi ecosystem led by protocols like Aster, and its growing role in the real‑world asset tokenization sector market by the recent launch of Franklin Templeton’s tokenized products last week.

BNB is also seeing fresh demand as a treasury asset alongside other altcoins like Solana, XRP, and Ethereum. As reported by crypto.news earlier, Jiuzi Holdings, a China‑based company that operates new‑energy vehicle retail stores, has recently revealed a $1 billion crypto treasury plan, which will focus on accumulating BNB besides BTC and ETH.

Perhaps the most significant adoption development came from Kazakhstan, which officially launched a state‑backed crypto reserve called the Alem Crypto Fund in partnership with Binance. The first asset added to the fund’s portfolio was BNB, a move that underscores growing institutional trust in the token. The fund is managed by Qazaqstan Venture Group and supported by the country’s Ministry of Artificial Intelligence and Digital Development.

All of these developments, unfolding in a short span of time, have meaningfully boosted trader sentiment and renewed institutional interest in BNB.

However, price action may remain cautious in the immediate term as broader crypto markets await clarity from key US economic data this week. Reports such as the JOLTS job openings, ISM Manufacturing Index, weekly jobless claims, and the unemployment rate are expected to influence how soon the Federal Reserve might ease monetary policy.

Nevertheless, once the uncertainty around macro indicators clears, BNB could be well positioned for another leg higher, especially if it breaks past the $1,079 mark with strong volume.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.