BNB Tops $1.2K in 4% Rally as Chain Activity and Institutional Demand Accelerate

BNB, the token that powers the BNB Chain and is used for fee discounts on Binance, rallied over 4% in the last 24-hour period, pushing past $1,200 and touching an intraday high of $1,223.

The move was fueled by sharp volume spikes, renewed institutional interest, and rising network activity. The rally aligned with BNB Chain reclaiming its spot as the most-used blockchain by active addresses.

In September, it logged 52.5 million active addresses, surpassing Solana for the first time since August, according to TokenTerminal data. Behind the activity was a sharp rise in decentralized trading and lending on the Aster Protocol, which saw its total value locked jump 570% to $2.34 billion, per DeFiLlama.

Signs of retail momentum also appeared. One high-profile memecoin trader reportedly turned a $3,000 bet into nearly $2 million after a post by Binance founder Changpeng Zhao triggered speculative interest.

The surge comes alongside broader institutional engagement. Electric vehicle maker Jiuzi Holdings and Kazakhstan’s Alem Crypto Fund both added BNB to their treasuries.

It’s also worth noting that BNB has been benefiting, along with the wider crypto market, from expectations that the Federal Reserve will cut interest rates by 25 bps later this month, and from a recent upgrade where the BNB Chain reduced its minimum gas fee to 0.05 Gwei.

Technical Analysis Overview

BNB traded in a wide range over the session, moving between a low of $1,148.12 and a high of $1,223.08, according to CoinDesk Research's technical analysis data model.

The price closed at $1,201.13, marking a 2.27% gain over the 24-hour window. The most notable price action came as BNB pushed through $1,200 on a spike in trading volume, with one burst of activity reaching nearly five times the daily average. That surge in volume coincided with the intraday high, which now marks a key resistance zone around $1,223.

Support emerged clearly in the $1,148 to $1,158 range, where buying pressure consistently appeared throughout the session. Each dip into this zone attracted new demand, suggesting institutional orders may be layered at these levels.

The broader trend remains upward, with price action reflecting steady accumulation and a willingness by buyers to absorb volatility.

However, a sharp reversal late in the session signaled caution. After testing the $1,215 area, BNB dropped quickly back to $1,201, cutting into earlier gains.

Elevated volume during that pullback suggests profit-taking rather than panic selling, likely from larger holders capitalizing on resistance near the recent highs. Despite the retracement, BNB maintained most of its gains and held above the $1,200 mark, keeping the current rally intact.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.