BNB Breaks Above Descending Trendline as Price Hits $595

BNB price surged more than 5% on July 31 before hitting resistance at $600, but still managed to hold above $590. This marks a significant break from the downward trend that had been in place for 45 days.

The breakout is attributed to technical positioning, with BNB breaking above a descending resistance line that had held since mid-June. Analyst Hanah noted that this move could be the start of a stronger bullish continuation if BNB can hold above the breakout level.

Network activity has also contributed to the recovery, with BNB Chain processing $19 billion in weekly decentralized exchange volume, surpassing Ethereum and Solana during the same period.