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BNB breaks $700, yet bulls are still hesitant – Here’s why!
Despite breaking above the psychologically important resistance of $700, Binance Coin (BNB) is showing signs of hesitation from its enthusiastic investors. The cryptocurrency has been making steady gains, but it seems like many have lost steam and refused to push the price further.
One major reason for this is the divergence between BNB’s performance and that of other top altcoins. While other coins are seeing significant capital inflows and massive price appreciation, Binance Coin is struggling to keep up with the pace. This could be due to a number of factors, including a decrease in whale activity and a shift towards more high-risk investments.
Another reason for the hesitation could be the recent sell-off by large holders, as data from Glassnode shows that wallets holding over 10k BNB have hit a near three-month low. This could indicate that some institutional investors are cashing out at the current price level, which would further dampen enthusiasm and limit price growth.
However, despite this lack of excitement, it’s still possible for BNB to make gains in the long term. The cryptocurrency is seeing strong DEX flows and solid token economics, which could attract new capital and push the price higher. Additionally, institutional interest has been expressed through Windtree Therapeutics’ [NASDAQ:WINT] decision to raise $200 million and build a treasury using Binance Coin.
This newfound support from major players could set the stage for a potential move towards $800.
Source: ambcrypto.com
