BNB Price Prediction: Rally Accelerates and Creates Room for $2K Target

BNB Coin (BNB) had a remarkable run last week, pushing through the $1,000 threshold and rising to a new all-time high at $1,236 as altcoin season heats up.

Last week, Pancake Swap, the largest decentralized exchange (DEX) on this blockchain, said that it set a new quarterly record in trading volumes at $772 billion.

Macroeconomic conditions have improved dramatically lately as the Federal Reserve cut its benchmark interest rate for the first time and should be getting ready to implement a second cut during this month’s meeting.

After a brief hiccup, the market is back on track, and BNB Coin (BNB) has been spearheading the beginning of altcoin season by reaching new heights.

As a result, market sentiment has picked up, moving from a recent bottom of 34 (Fear) to 59 at the time of writing, meaning that investors are once again leaning toward greed.

On-Chain Data Shows Spike in Positive Momentum

The launch (and early success) of altcoin-linked exchange-traded funds (ETFs) seems to have also increased institutional adoption. One prominent example is the REX-Osprey Solana + Staking ETF (SSK), whose assets under management have already surpassed $400 million.

Similarly, the REX-Osprey XRP ETF (XRPR) is nearing $100 million in assets under management even though the price has stood relatively unchanged recently, underscoring the market’s positive outlook.

Stablecoins on the Binance Smart Chain – Source: DeFi Llama

Stablecoins within the Binance Smart Chain (BSC) have climbed to a new all-time high lately, as per data from DeFi Llama, reaching a new record of $13.5 billion as trading volumes set new records.

Similarly, DEX volumes reached $90 billion for the second time this year in September. These have been the two only times that this monthly metric has reached these levels since 2021. The hype is real, and BNB Coin is capitalizing on it better than any other altcoin.

BNB Sets Eyes on $2K As Rally Accelerates

In our latest BNB Coin price prediction, we emphasized that a bullish breakout above $1,050 could set off a rally toward $1,300 at least during this cycle.

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

We did not expect that such a move would take place so soon, but it did. Just 5 days after that article came out, BNB has yielded a 21% gain.

So, what to expect now as we come closer to this $1,300 target? The Relative Strength Index (RSI) has already entered overbought territory. Hence, market participants could soon start taking some profits off the table.

This does not necessarily mean that the rally will rapidly fade. Late buyers will likely scoop up BNB if the token drops sharply in the following days, as the market’s expectations for the token are still positive.

However, as momentum shifted so rapidly from bearish to bullish, we could expect some sort of pullback to $1,000. That would create room for new demand and could result in another big move afterward.

Considering the strength of this rally, it would not be crazy to think that BNB Coin can reach $2,000 during this cycle. That would propel its market capitalization to $278 million, amply surpassing XRP (XRP) and Tether (USDT) to become the third most valuable cryptocurrency in the market.

As long as the trend line support shows in the chart holds and BNB keeps making new higher lows and not breaking the previous ones, this is not an unfathomable scenario – especially if the token gets its own spot exchange-traded fund (ETF) listed soon.