BNB, the token that powers the BNB Chain and can be used for fee discounts on leading exchange Binance, has crossed $1,000 for the first time ever amid a wider crypto market rise.
The token jumped 4.5% over the last 24-hour period, climbing from $956.80 to a $1,004 all-time high and pushing its market cap to near $140 billion, according to CoinDesk Research’s technical analysis data model.
That move edged BNB past Solana to reclaim its position as the fifth-largest cryptocurrency by market capitalization.
The rally appears to reflect renewed confidence as Binance is reportedly in talks with the U.S. Department of Justice (DOJ) to put an end to a key compliance requirement from the exchange’s 2023 settlement.
Binance has since 2023 been under a court-appointed monitor as part of its $4.3 billion settlement over anti-money transmitting violations.
The deal, if finalized, would require the exchange to adopt a stricter internal reporting system, as was the case with similar companies that were released from court-appointed monitors.
Some investors on social media are also speculating about the possible return of co-founder Changpeng Zhao, who stepped down as part of Binance’s DOJ settlement. While there is no official indication of his reentry into leadership, the narrative seems to be fueling momentum behind the token.
The wider crypto market has edged up after the U.S. Federal Reserve cut interest rates by 25 bps yesterday, as anticipated. The CoinDesk 20 Index, which offers a weighted measured of the broader digital asset market, is around 3% in the last 24 hours.
Technical Analysis Overview
BNB’s upward push began steadily after reports of the Binance-DOJ deal surfaced, with the token trading around $956 in the morning before gathering pace in the evening hours. It jumped from $961.41 to $994.49 in little over an hour, in a spike that came with a surge in trading volume.
The token found consistent support between $983 and $988, even as it briefly stalled near resistance at $995. That price ceiling was tested multiple times before a final breakout that saw it hit a new all-time high above the psychological barrier of $1,000.
The sharpest gain came in a six-minute window where prices leapt from $998.74 to $1,004.28, supported by a volume burst eight times above normal hourly levels.
New resistance is emerging near $1,005, while support has stabilized just below the $1,000 line. BNB’s price has since receded to around $998.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.