Binance Coin (BNB) recorded a new all-time high with renewed institutional interest and regulatory clarity boosting the BNB rally. As the token reached four digits, it overtook Solana and captured the fifth place among CoinMarketCap’s top 5 largest tokens by market capitalization.
BNB token reached a new all-time high of $1,005 after the Binance token gained almost 4% during the past 24 hours. The training volume reached $4.36 billion after surging by 28.5%. Not only did BNB rise to the top 5 list of crypto by market cap, but it also captured 165th place as the largest global asset, overtaking UBS Group.
What is fuelling the BNB rally?
Sources reveal that BNB was placed under a three-year court-appointed compliance monitor following its $4.3 billion settlement over money laundering allegations. Now, with Binance Holdings reportedly in confidential talks with the U.S. Department of Justice to end the monitorship years ahead of schedule, market sentiment has turned bullish — fueling excitement about what this could mean for the exchange and its token.
When a company has been found guilty of, or credibly accused of, misconduct such as fraud, bribery, corruption, money laundering, workplace safety violations, or consumer protection breaches, courts may impose an external monitor to oversee operations, which the company under scrutiny has to pay for, and it could be quite expensive.
Outside of the legal front, Binance partnered with global investment leader Franklin Templeton. “The firms will explore ways to combine Franklin Templeton’s expertise in the compliant tokenization of securities with Binance’s global trading infrastructure and investor reach,” read Templeton’s press release.
Technical indicator flashes red
On the daily chart, the BNB token has crossed above the upper trendline of the rising wedge, dismantling the bearish pattern. The market is in a state of confusion as there is an inverted green hammer candlestick on the chart. This shows that buyers not only fought back intraday (long upper wick) but also managed to keep control into the close.
The confusion here is that according to the candlestick, the price should keep going up. However, the RSI signals overbought conditions, and the market could correct the prices. Traders may need to wait for the formation of the next candlestick for confirmation. In the event BNB retraces, it could be looking for support at $940.
