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BNB Breaks $700, Yet Bulls Are Still Hesitant – Here’s Why!
Binance Coin (BNB) has finally broken above the psychologically significant barrier of $700. However, despite this impressive milestone, many bulls are remaining cautious and hesitant about the token’s potential for further gains.
One key reason for their hesitation is the stark contrast between BNB’s performance and that of other major altcoins in the market. While other top alts have been attracting fresh capital and posting double-digit gains, BNB has been lagging behind, with a mere 10% move on the month being considered soft by comparison.
This divergence has led many to question whether Binance Coin is falling out of favor or if institutional investors are simply rotating into higher-beta plays. Data from on-chain analytics platform Glassnode suggests that large holders (> 10k BNB) have been lightening up into strength, a trend which may not bode well for the token’s prospects in the short term.
Despite this bearish signal, there are still some fundamental reasons to believe in BNB’s long-term potential. For instance, strong decentralized exchange (DEX) flows and robust token economics continue to support the asset’s on-chain momentum. Furthermore, institutional interest is starting to pick up pace, with Windtree Therapeutics (NASDAQ: WINT) announcing plans to raise $200 million to build a BNB treasury.
These developments could potentially set the stage for a clean run to $800 or even higher. However, until more convincing buy signals emerge and the token can demonstrate its ability to break above resistance levels consistently, many bulls may continue to hesitate about jumping into the market.
For now, it seems that Binance Coin will have to settle for being an also-ran in the altcoin space, as other majors steal the show. Whether this is a temporary phenomenon or a long-term trend remains to be seen, but one thing is certain: bulls will need to see more convincing signs of strength before they can confidently stake their claim on BNB’s potential.
Source: ambcrypto.com
