The BNB chain’s native token, BNB, fell slightly over the past 24 hours, dropping to $933 after briefly climbing to $974, as broader crypto markets showed signs of stress from tightening financial conditions.
The token’s price action has been trading within a tight range of $46. Volume rose sharply during the morning’s rally, 71% above the 24-hour average, but cooled through the close according to CoinDesk Research’s technical analysis data model.
The rejection near $975 marked a technical ceiling, while BNB once again found support near $930.
“BNB’s ability to maintain support reflects the broader strength we are seeing on-chain,” Johnny B., the founder of BNBPad.ai, told CoinDesk in an emailed statement. “Despite market headwinds, BNB Chain recorded 82 million active addresses in October, a new all-time high, while DEX volumes approached $120 billion based on DeFiLlama.”
BNB’s moderate performance was accompanied by a broader market decline. The broader market, as measured via the CoinDesk 20 Index (CD20), is down 0.9% over the past 24 hours, while bitcoin struggles to stay above $100,000.
The U.S. Treasury’s replenishment of liquidity and declines in bank reserves, down about $500 billion since July, have drained capital from markets and made risky assets less attractive, according to a recent Citi report.
It also sent stocks lower, with the tech-heavy Nasdaq 100 down 4.7% this week and the S&P 500 down 2.7%.
In this environment, BNB’s ability to remain above its key support level of $930 may reflect confidence in network adoption and the performance of new decentralized applications like Asper, even as the broader outlook darkens.
A break above $975 could reopen the path to recent highs, but further declines in major assets could test buyers’ resolve. BNB remains tied to technical setups for now, but broader market forces are starting to take the lead.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
