BNB Price News: BNB Hits $800 as Altcoin Season Heats Up – Is $1,000 The Next Stop?

BNB (BNB) just made a new all-time high recently after surpassing the $800 level during a session that has seen trading volumes increase significantly.

In the past 24 hours, BNB volumes have shot up by 25%. BNB is the first altcoin in the top 5 to make a new all-time high. This is probably a strong indication that trading activity has increased dramatically as a result of the latest crypto rally.

On-Chain Data Shows Big Jump in Transaction Volumes

On-chain data shows a significant spike in the BNB Chain’s daily transaction volumes since early May. Total daily transactions have moved from around 5 million back then to 13.9 million – a 178% increase in just a couple of months.

BNB Smart Chain Daily Transactions – Source: BSC Scan

Meanwhile, the number of daily active addresses has behaved similarly during this period, moving from 1.17 million a the beginning of May to 2.5 million at the time of writing. However, on June 20, addresses hit a 12-month peak of 3.2 million possibly as market participants got excited following the passing of the Genius and Clarity Acts in the United States.

BNB tokens are used by Binance users to get discounts on trading fees. In addition, this network supports hundreds of cryptocurrencies. It is a scalable network that charges very low fees per transaction. By 2026, Binance’s blockchain aims to support as much as 20,000 transactions per second.

Pancake Swap continues to be the largest decentralized protocol in the BNB Chain. This DEX’s success may be partially responsible for the token’s positive performance lately.

Data from DeFi Llama shows that Pancake’s monthly trading volumes have grown exponentially from $31 billion $153 billion while a simple run rate of July’s daily average indicates that volumes could close the month at $193 billion for a 26% month-to-month increase.

Key Supports to Watch as BNB Prepares for a Pullback

BNB has been rising for 9 consecutive days and already broke a key resistance at $730. This level acted as a ceiling multiple times in the past.

Now, the token has hit the $795 threshold and has already retreated below that mark although the price action managed to briefly surpass it earlier today.

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

The rally seems overextended at this point, so we could get a pullback in the next few days after making it to these heights.

However, that does not necessarily mean that the rally is over. At this point, BNB may retreat to the low 700s once again to raise the necessary liquidity for its next leg up.

The Relative Strength Index (RSI) has already hit overbought in this daily time frame, which increases the odds of an upcoming correction, while the 9-day and 21-day exponential moving averages (EMAs) have distanced themselves significantly from the 200-day EMA.

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

Heading to a lower time frame, we can see that an uptrend is still intact in the hourly chart. The price briefly broke out of an ascending price channel but traders pulled it back in as selling pressure at $800 was quite strong.

We can see some big red candles right after the $810 threshold was reached. This is normal as big order blocks probably lay there as early buyers expected a move to this area to cash out of their long positions.

However, positive momentum seems strong enough for another push to that area after a mild pullback. In this hourly time frame, the $750 level may be the most relevant support to watch. Hence, we have two potential landing zones for BNB if a correction occurs – $750 first and then the low 700s if the selling pressure is strong enough.