BNB Price Prediction: BNB Surges 7% To Flip SOL As The 4th-Largest Crypto As A Frenzy Around This 2.0 Meme Coin Intensifies On News Justin Sun Holds It

BySteven Walgenbach

Updated: 28 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The BNB price jumped more than 7% over the past 24 hours to trade at $333.09 as of 8:20 a.m. EST as investors bet big on the altcoin.

This latest increase recorded by the BNB price boosted BNB’s market cap to more than $50 billion. As a result, BNB was able to reclaim its position as the fourth biggest cryptocurrency in terms of market cap, bumping SOL down a position, according to CoinMarketCap.

The BNB Price Is Attempting To Overcome A Key Resistance Level

Daily chart for BNB/USDT (Source: TradingView)

The BNB price was able to overcome the $305 resistance level over the past 48 hours, and is attempting to flip the $335 barrier into support as well. Should the cryptocurrency close today’s daily candle above this threshold, it may have the foundation needed to continue climbing to the subsequent barrier at $365 in the next few days.

On the other hand, the BNB price closing today’s trading session below $335 may put the altcoin at risk of retracing down to the immediate support at $305.

This will be a key level to watch as it coincides with a positive trend line that has formed on BNB’s daily chart over the past week. A drop below this trendline may lead to the BNB price falling to as low as $275 in the short term.

Technicals Suggest The BNB Price May Rise More

Technical indicators on BNB’s daily chart suggest that the cryptocurrency’s value may rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bullish.

The MACD line is breaking away above the MACD Signal line, while the RSI line is breaking away above the RSI Simple Moving Average (SMA) line. These technical flags signal that BNB’s positive trend shows no signs of cooling off.

Buyers also have the upper hand against sellers, which means that it will be easier for bulls to drive the BNB price higher than it will be for bears to drag it down in the next few days.

While BNB manages to reclaim its title as the fourth largest cryptocurrency, investor frenzy around Sponge V2 has spiked on the revelation that Justin Sun bought the original Sponge token.

Justin Sun Adjusts His Portfolio

A crypto wallet linked to Sun has withdrawn $13.8 million worth of Ether (ETH) from Binance. Data from PeckShield flagged a transfer of 6,166 ETH from Binance to one of the several wallets linked to the Tron founder.

#PeckShieldAlert The address 0x9FCc…19Fe (Suspicious #JustinSun related) has withdrawn 6,166 $ETH (worth ~$13.8M) from #Binance pic.twitter.com/8jGbcwRvzg

— PeckShieldAlert (@PeckShieldAlert) December 26, 2023

Earlier this year, Sun posted on X that he will be actively trading meme coins and promising projects.

I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023

A wallet linked to Sun, with the tag ‘Justin Sun 4’, currently holds $500 million in crypto assets. This wallet also boasts an impressive meme coin allocation.

On-chain data shows that the wallet holds substantial amounts of SHIB, FLOKI, BabyDoge and PEPE. Sun has also invested in up-and-coming meme coin projects. One of these newer meme coins is SPONGE, which the Tron founder has invested $44,000 in.

A Potential 100X Return For Investors

https://twitter.com/spongeoneth/status/1736710430888739065

Looking to build off of the success of its predecessor, Sponge V2 is looking to give investors that missed out on the 100X return posted by Sponge V2 another opportunity at substantial gains.

Sponge V2 is a bit different from other presales, as there are two options available for investors to acquire the promising meme coin. The first approach is to buy and stake Sponge V1 through the Sponge.vip website’s buy widget.

The second option available to anyone looking to get in on Sponge V2’s promise is to stake already-held Sponge V1 through the Sponge.vip website.

The more V1 tokens investors stake, and the longer they stake them for, the more V2 tokens they will earn. Once the remaining supply of Sponge V1 is exhausted, investors will be able to claim Sponge V2.

Given the success of Sponge V1 and the growing popularity of meme coins, it comes as no surprise that V2 of the project is attracting prominent investors such as Sun.

To find out more about Sponge V2, visit the official website here.