BNB price has retested $645 after Nano Labs announced a $500 million reserve initiative.
Although CZ clarified that Binance is not directly involved, he publicly supported the move.
BNB has climbed above the 50 EMA and has tested the 20 EMA, indicating a potential breakout.
BNB’s price is on the verge of breaking after Changpeng Zhao (CZ) publicly supported a strategic reserve backed by a Nasdaq-listed company.
At press time, BNB trades near $645. However, a closer look at the technical setup and on-chain data suggests that the altcoin might climb higher
In this analysis, CCN breaks down where the price could head next.
BNB Gets Institutional Backing
On the 4-hour Chart, BNB’s price trades in a falling channel. However, the image below shows that the cryptocurrency appears to be moving closer to the upper trendline of the descending channel and is ready to test the resistance.
Interestingly, this development follows an announcement from Nano Labs, a Nasdaq-listed Integrated Circuit (IC) design company, which revealed it has entered a $500 million agreement to establish a BNB strategic reserve.
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Responding to the news, Binance founder Changpeng Zhao (CZ) supported the initiative, noting that he welcomes ecosystem growth. However, CZ also clarified that Binance is not directly involved in the investment.
“Nano Labs Ltd (Nasdaq: NA) becomes a BNB-only strategic reserve public company, bringing $500 million to BNB. Their stock price went through the roof. We (my affiliated entities) did not participate in this round, but remain extremely supportive,” CZ stated.
Furthermore, the chart below shows that the Awesome Oscillator (AO) is in the positive region after forming a bullish twin peak. This AO reading indicates rising bullish momentum.
Like the AO, the Bull Bear Power (BBP) shows buyers are in control. If sustained, the AO and BBP positions could drive BNB’s price above $700.
Sentiment Bullish
On-chain data from Santiment reveals that Weighted Sentiment around BNB has turned decisively bullish. This metric measures the tone of market commentary across social platforms,
When Weighted Sentiment falls, it suggests a dominance of bearish commentary. However, the metric has risen to 2.24, indicating that the average sentiment is positive.
If this sentiment persists, it could fuel increased demand, potentially driving BNB’s price higher in the short term.
On the daily chart, BNB is currently testing critical Exponential Moving Averages (EMAs). The altcoin has climbed above the 50-day EMA (yellow) and is now attempting to break through the 20-day EMA (blue).
This positioning suggests that BNB has sufficient support to attempt a breakout. If the trend continues, the next resistance lies at $685.10.
A successful breach of this level could open the door for a move toward $725, marking the next key area of interest.
However, the bullish thesis might be invalidated if BNB’s price faces rejection at the 20 EMA.
BNB/USD Daily Chart | Credit: TradingView
In that scenario, the altcoin could decline toward $617.60, which aligns with the 0.618 Fibonacci retracement level.
A failure to hold this support may trigger a deeper drop to $569.50, increasing the risk of a broader correction.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
