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BNB breaks $700, yet bulls are still hesitant – Here’s why!
After a prolonged struggle to clear the psychological barrier of $700, Binance Coin (BNB) has finally broken above it. However, despite this significant milestone, the enthusiasm among bulls seems muted. In fact, the digital asset is lagging behind its peers in terms of both market capitalization and on-chain metrics.
While other top altcoins are attracting fresh capital and posting double-digit gains, BNB’s relative weakness at resistance could be a cause for concern. It appears that institutional investors may not be as enthusiastic about the token as they once were.
Data shows that wallets holding over 10,000 BNB have hit a near three-month low, hinting at large holders lightening up into strength. On the other hand, whale cohorts across top majors are pressing new highs. Even Solana’s [SOL] large wallet activity has seen a pickup in recent times, with address counts back to early Q1 levels and price ripping 20% alongside.
The current divergence between BNB’s performance and that of its peers raises questions about the token’s role in the altcoin structure heading into H2. Can it still win the long game? The answer seems to be a resounding no, at least for now.
Source: ambcrypto.com
