The BNB price has seen some significant gains in the past 24 hours and 20% this past week, trading above $310. This has allowed BNB to dethrone Solana in terms of market cap, as SOL prices dip following their recent rally.
BNB has seen some potential bullish movement for the first time since last month’s resignation of Binance founder and former CEO Changpeng Zhao and the crypto exchange’s agreement with US authorities of a $4.3 billion settlement. This saw BNB price drop from highs of $266 to under $225, continuing its macro downtrend.
However, with Solana’s slump over the Christmas period, BNB’s market value has risen. Data from market platform CoinGecko shows that the grind back higher has been less notable compared to some of the outperformers in the past few weeks.
Reaching prices last seen in June, Binance coin bulls are looking to retest year-to-date levels near $350. Crypto analyst Rekt Capital recently highlighted that BNB has “broken its macro downtrend”, suggesting the potential for a bull rally.
If the euphoria around the potential approval for a spot Bitcoin ETF nudges altcoins higher, BNB bulls could aim for the all-time high above $686. As of December 27, BNB is trading at $311, approximately 55% off its peak.
