The BNB chain’s native token, BNB, fell slightly over the last 24-hour period, moving to $933 after briefly rising to $974, as broader crypto markets showed signs of stress linked to tightening financial conditions.
The token’s price action developed in a tight range of $46. Volume increased sharply during the morning bullish move, 71% above the 24-hour average, but cooled by the close according to CoinDesk Research’s technical analysis data model.
The rejection near $975 marked a technical top, while BNB found support once again near $930.
“BNB’s ability to maintain support reflects the broader strength we are seeing on-chain,” Johnny B., 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 according to DeFiLlama.”
BNB’s weak performance came alongside a broader market decline. The broader market, as measured by the CoinDesk 20 Index (CD20), is down 0.9% in the last 24 hours, while bitcoin struggles to stay above $100,000.
The rebuilding of US Treasury cash and the decline in bank reserves, estimated at $500 billion since July, have drained capital from markets and made risk assets less attractive, according to a recent Citi report.
This has also sent stocks tumbling, with the tech-heavy Nasdaq 100 seeing a 4.7% drop this week and the S&P 500 falling 2.7%.
In this environment, BNB’s ability to hold above its key $930 support level may reflect confidence in network adoption and the performance of newer decentralized applications like Asper, even as the broader outlook darkens.
A break above $975 could reopen the path to recent highs, but a further decline in major assets could test buyers’ resolve. BNB remains tied to technical setups for now, but broader market forces are starting to call the shots.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
