BNB traded at $1,200 on Wednesday, down 0.5% after slipping from a new all-time high that came after a market-wide liquidation event wiped roughly $500 billion from the crypto market.
The token, which is the native token of the BNB chain and can be used to pay trading fees on Binance, rebounded from a low near $1,145 to a high around $1,237, suggesting buyers remain active despite continued macroeconomic uncertainty.
BNB Chain sought to build trust through a $45 million airdrop initiative with PancakeSwap and Trust Wallet, rewarding active community members for encouraging trading activity. Binance itself announced a $400 million “Together Initiative,” which it called an initiative aimed at rebuilding user trust.
At the same time, Binance’s stablecoin reserves climbed to $44.6 billion, an increase of more than $3 billion since the start of the month, indicating that investors are keeping their funds on hand rather than exiting the market entirely.
At the same time, China Merchants Bank International (CMBI) tokenized its USD money market fund on BNB Chain, issuing two tokens, CMBMINT and CMBIMINT, to accredited investors via DigiFT and OnChain.
The accumulation of BNB businesses also continued. Earlier, Hong Kong-listed investment bank China Renaissance reportedly planned a $600 million raise for a publicly traded crypto treasury focused solely on BNB.
Technical Analysis Overview
Recent BNB trading shows a solid floor between $1,190 and $1,195, where buyers have consistently entered on pullbacks. This area acted as reliable support, absorbing selling pressure and avoiding larger losses, according to CoinDesk Research’s technical analysis data model.
On the upside, resistance developed between $1,215 and $1,220, which stopped several breakout attempts but did not reverse the broader recovery trend.
Trading volume during the rebound more than doubled its 24-hour average, confirming that demand returned quickly after the sell-off episode.
Volume has since narrowed near the upper range. This type of consolidation often precedes continuation, suggesting that BNB could attempt another push higher if overall sentiment remains stable.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
