Binance Coin Price Prediction as BNB Becomes Top 4 Coin in the World – Time to Buy?
Binance’s BNB token has flipped Solana to become the fourth largest cryptocurrency by market capitalization, according to data by CoinGecko.
The two leading altcoins had seriously divergent price movements over the last seven days. BNB grew 10% while SOL dropped by 9.4%.
BNB currently changes hands at $381.95, up 4.9% in the last 24 hours. Meanwhile, SOL’s pullback is cooling. It now trades for $105.80, about 3% higher than it was this time yesterday.
While most of the top cryptocurrencies have grown in price over the last 24 hours, including Bitcoin and Ethereum, market leader Bitcoin has actually pulled back 1.5% over the last seven days to trade at $51,601. On the other hand, Ethereum added 6.6% overnight to trade at $2,987.68.
BNB has been rallying all week despite arguably negative publicity as the exchange continues fielding probes and lawsuits by the Department of Justice, the Internal Revenue Service, the US Treasury, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
SOL’s weeklong decline could be attributed to a sharp decline in activity on the network. Solana started February with 1.02 million active addresses. It now hosts 689.4k—a 32% decrease in the number of active addresses in just three weeks.
A glance at the chart shows that BNB has only been growing in value over the last three months. It’s currently trading just ahead of its 30-day moving average. With a Relative Strength Index (RSI) of 64, it looks like investors are buying a lot of BNB at the moment, so the rally is likely to cool, although BNB holders are not likely to see anything worse. The token appears to have found strong support at around $350.
While Binance’s BNB appears safe for now, the uncertainty surrounding
