BNB Price Holds Above $980 After New Record
BNB, formerly Binance Coin, stays above $980 on Friday. It hit a new all-time high of $1,006 the day before. On-chain data and derivatives markets show strong growth. Total Value Locked (TVL) and futures open interest reached record levels. Traders now aim for $1,200 as the next price target.
BNB Rises After Fed Interest Rate Cut
BNB passed $1,000 on Thursday after the Federal Open Market Committee (FOMC) cut interest rates by 25 basis points on Wednesday. This move increased risk appetite in crypto markets. The Fed’s latest forecast shows rates averaging 3.6% by the end of 2025, down from 3.9% in June. This outlook supports more rate cuts and boosts bullish sentiment for BNB.
On-Chain and Derivatives Data Show Bullish Signs
- BNB’s TVL rose to $7.74 billion on Sunday, near its highest yearly level.
- Futures open interest hit a new high of $1.98 billion on Friday, indicating more money entering the market.
- The BNB long-to-short ratio is 1.16, close to its monthly peak, showing more traders expect prices to rise.
BNB Price Forecast
BNB reached $944.95 on Sunday but dropped slightly afterward. It then rallied over 7% on Tuesday and hit $1,006 on Thursday. On Friday, it trades near $989.
If the upward trend continues, BNB could test the $1,215 level, based on the 141.4% Fibonacci extension. The daily Relative Strength Index (RSI) is 73, indicating strong momentum. The Moving Average Convergence Divergence (MACD) also shows a bullish signal.
If prices pull back, BNB may fall toward its previous high of $994.95.
