BNB coin price is within touching distance of its all-time high price of $690, set in May. At the time of writing BNB coin was trading at $641.61, which is about 7.1% off that mark. Bearing in mind that BNB has gained about 24.6% over the past one week, a new ATH is not an overly ambitious target. Yesterday, the token registered a six-month high price of $669, which was only about 3% off the ATH. BNB coin has been on a sustained uptrend since 29th September, and is likely to keep up the momentum in the near-term.
Pressure from Solana could propel BNB further up
Despite its good run over the past six weeks, BNB coin finds itself under increasing pressure from Solana. SOL has been on a steady rise since mid-August, nearly forming a hockey-stick pattern on its price chart. After recently breezing past USDT, Cardano and Polkadot, talk has been rife that BNB could be next.
However, BNB has kept up with SOL’s growth rate in recent times, matching its 55% gain over the last 30 days. Consequently, BNB retains a substantial lead of about $35 billion over SOL in terms of market capitalization. The rivalry between BNB and Solana could provide the fuel to propel further gains.
Technical analysis for BNB coin price
BNB coin price is on a strong uptrend, going back ten days. As seen on the MACD indicator on the chart below, the indicator line is above the signal line. The divergence between the two lines is increasing. This signals increasing bullishness. If the bulls keep control of the market, the near-term resistance is likely to be at $669.33. However, if the buying momentum reduces, the price could slide to find the first support at $606.94; beyond which the second support is likely to be at $570.18.
