BNB Coin Price News: Imminent Move to $1,000 as Daily Transactions Stay Above 10M

BNB Coin (BNB) just made a new all-time high during the weekend at $944 as market indicators confirm that altcoin season has kicked off.

The native asset of the BNB Smart Chain crossed the $900 threshold once again after hitting $840 at some point during the latest pullback and the rally gained enough strength to break above this key resistance.

Trading volumes yesterday neared $3 billion – a key level that has often confirmed the strength of the token’s trend. Other altcoins have also been performing positively including Solana (SOL), which booked a 10% gain in the past 7 days.

Daily Transaction Volumes Stay Above 10M

Data from BSC Scan indicates that daily transaction volumes in this network have ranged between 10 and 14 million since May as cryptos started to recover. They have stood above that lower bound since then, indicating that positive momentum is still strong.

BNB Smart Chain Daily Transactions – Source: BSC Scan

Pancake Swap, the largest decentralized exchange (DEX) in the BNB Chain has experienced a strong boost in its weekly trading volumes this year and hit a peak of $21 billion worth of trades processed at some point in late May.

Meanwhile, stablecoin balances within this blockchain also experienced a strong jump in April as they moved from $7 to $9 billion in just a couple of days while they have accumulated a 67.4% increase since the year started.

As the largest exchange in both the derivatives and spot markets worldwide, Binance stands to gain significantly from this recent leg up.

The crypto market could receive yet another boost this week after the Federal Reserve cuts interest rates as planned during its September FOMC meeting. Meanwhile, analysts expect that the U.S. central bank will make a second cut next month as well, favoring a bullish outlook for digital assets in the long term.

BNB Coin has taken a breather today as it has retreated by 1.6% to $920. Right now, the token is just 2.6% off its all-time high.

BNB Seems Poised to Hit $1,000 Soon

The daily chart shows that the market has respected a long-dated trend line support that started to form in June this year and that has already been touched three times.

BNB/USD Daily Chart (Binance) – Source: TradingView

The path to $1,000 seems quite clear from here and, as long as market conditions remain positive, it should not take BNB Coin that long to get there.

In our latest BNB Coin price prediction, we first targeted the $900 level and got there quite fast. However, following this same trend line support, we can now increase that target to $1,000 as bullish momentum keeps going.

Meanwhile, if BNB Coin experiences a strong pullback before hitting that mark, the key support to watch would be the $840 level. It seems highly likely that the price will bounce off those levels and that would give BNB a second chance to hit $1,000.

The Relative Strength Index (RSI) has been standing near overbought territory for days but it has not yet crossed that line. If we get to 80 or so, that could anticipate the next leg down for the token, giving late buyers the chance to scoop up BNB at a lower price.

After reaching this psychological threshold, we could expect some sideways consolidation for the token ahead of the next catalyst that may propel it even further.