BNB Price Breaks Through Resistance at $700
BNB's price has experienced its best week of the cycle so far this year, surging from around $590 in mid-August to above $700 within days. This sharp recovery has pushed BNB's market cap back towards the $94 billion area and leaves roughly 92% upside to its all-time high of $1,373.40.
The rally came as broader market sentiment turned bullish, with big money positioning flipping to 'extremely bullish' on August 25. Bitcoin was pushing $80,000, and the Fear and Greed Index hit its highest reading since January.
Crypto analyst Rand Group noted that a consolidation above the $670 range on the monthly close would be 'extremely bullish' for BNB. BNB's daily RSI has moved into the upper 70s and, on some data feeds, above 80, suggesting possible consolidation or a reversal if buyers cannot push through $725.
Elliott Wave analysis projects a potential Wave B recovery between $780 and $1,190, with a move above $1,400 providing stronger confirmation of a higher-degree Wave 3 scenario.