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The BNB price pumped 4% in the last 24 hours to trade at $632.79 as of 4:02 a.m. EST on trading volume that surged 20% to $1.2 billion.
This increase in the Binance Coin price comes as BNB Chain’s daily trading volume climbed to $1.64 billion in the last 1 week, an all-time high, rising 13%.
In contrast, Solana decentralized exchange (DEX) volume saw a 28% drop, and Ethereum DEX activity declined 12%, according to DefiLlama data.
Binance Coin Price Bullish Breakout Confirmed With More Upside Potential
The BNB price has recently broken out of a descending wedge formation, signaling a strong bullish move.
The 50 Simple Moving Average (SMA) on the 4-hour chart is at $577.64. It was previously acting as resistance but has now turned into strong support.
Meanwhile, the 200 SMA is at $617.41. BNB breaching this level confirms the bullish momentum, according to GeckoTerminal data. Additionally, a sustained hold above this level strengthens the case for continued upside.
Meanwhile, the Relative Strength Index (RSI) is at 70.72, entering overbought territory. This suggests strong bullish momentum but also a possibility of a short-term correction or consolidation before further gains.
The Moving Average Convergence Divergence (MACD) is also in positive territory, with the blue MACD line crossing over the orange signal line, indicating that the Binance Coin price is still in positive territory.
BNB Is Targeting $700
With the BNB price breaking out of a descending wedge and confirming a bullish reversal pattern. A measured target for this breakout suggests a move toward the $675-$700 range, representing a 7.78% increase from current levels.
However, the RSI in overbought territory suggests that a minor pullback or consolidation may occur before the next leg up. A strong support level is $617, followed by $577 if a deeper correction occurs.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Closing On The $27 Million Milestone
Solaxy is the first Layer 2 meme coin built to enhance Solana’s scalability and tackle network congestion, all while slashing transaction costs.
By optimizing Solana’s infrastructure, Solaxy isn’t just another project, it’s shaping the future of Solana-based crypto launches.
However, its ambitions don’t stop there. Built with cross-chain technology, it merges the best of Solana and Ethereum. Therefore, SOLX is positioned as a powerful asset that stands out from traditional meme coins.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s Layer 1 capabilities.
Over $26.7 million has already poured into the SOLX presale, signaling strong market demand at this early stage. Solaxy also offers holders who stake the project’s SOLX token a huge annual yield of 153%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001666 each using BNB, ETH, USDT, or a bank card.
Anyone looking to buy will want to act fast, because the meme coin’s price will increase in less than 31 hours.
Related News:
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- SOL Plunges 5% As Traders Pivot To This $26.6M Layer-2 Meme Coin
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