BNB’s bullish cup-and-handle breakout hints at a $993 target | Credit: Derek Fenech
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Key Takeaways
BNB has surged 6.92%, breaking above $700 to trade at $716, fueled by a sharp rise in Open Interest.
Recent partnerships amplified demand, including Windtree Therapeutics’ $200 million investment.
BNB broke out of a cup-and-handle pattern, with indicators supporting a potential move to a new high.
BNB price has climbed above $700 for the first time since February, following a 6.92% hike in the past seven days.
As of this writing, BNB’s price is $716, and indicators show that the market value could soon rise higher.
In this analysis, CCN breaks down everything that has helped BNB’s price rebound. We also disclose that the near term holds for the cryptocurrency.
BNB Hits 5-Month Peak
According to Santiment, the surge in BNB Open Interest (OI) played a key role in propelling its price above $700. At the beginning of the month, BNB’s OI stood at under $450 million.
However, as of this writing, it has climbed to $565.74 million. Open Interest refers to the total value of outstanding derivative contracts that have not yet been settled.
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A rising OI generally indicates an influx of new capital into the market, reflecting increased trader participation and growing interest in the asset.
When this rise in OI coincides with a price increase, it suggests that fresh money backs the uptrend rather than short-term speculation.
In BNB’s case, the uptick in OI signals strong bullish sentiment, reinforcing the recent price breakout. This heightened leverage could pave the way for further gains, although it also raises the stakes for volatility.
Outside of the on-chain outlook, two other developments also seem to have impacted BNB’s recent performance. First, on July 15, Ondo Finance confirmed that BNB Chain is part of the blockchains supporting its tokenized assets, including over 100 U.S stocks and ETFs
“As part of this collaboration, BNB Chain joins the Global Markets Alliance, a growing group of leading wallets, exchanges, custodians, protocols, and infrastructure providers bringing capital markets onchain and setting the highest standards for tokenized securities,” The project disclosed.
One day later, Windtree Therapeutics, a clinical-stage biotech firm listed on the NASDAQ, noted that it will launch a $200 million BNB treasury investment.
Due to these, demand for BNB spiked, and based on the current situation, it could continue to rise.
BNB Price Prediction: Up Only?
A glance at the daily chart reveals a strong bullish setup for BNB. The image below shows that BNB’s price has successfully broken out above a cup-and-handle pattern.
This pattern begins with a rounded “cup,” representing a period of consolidation and gradual recovery, followed by a smaller “handle,” which forms as a brief pullback.
A breakout above the handle’s resistance line confirms the pattern and signals the start of a strong uptrend. The Awesome Oscillator has also moved to the positive region, indicating bullish momentum.
If this remains the same, BNB’s price might surge to $794 soon and hit a new high. However, it might not end there.
BNB/USD Daily Chart | Credit: TradingView
Bulls holding the cup-and-handle pattern could drive BNB’s price to $993 before the cycle hits the top.
However, this might not be the case if bearish pressure shows up. In that scenario, BNB’s price might decline to $670.
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.
