BNB’s price fell 2.7% in the last 24-hour period to $1,105 following the rally that started after BNB Chain’s biggest quarterly token burn to date in US dollar terms petered out.
The decline undercuts hopes that the $1.6 billion reduction in supply will further support the price. BNB Chain burned 1.44 million BNB as part of the token’s deflation model, reducing the token’s total supply to around 137.7 million.
However, traders were focused elsewhere, with the crypto market as a whole falling 1.8% in the period as measured by the CoinDesk 20 (CD20) index.
When the $1,128 support level failed, volume increased and prices cascaded, briefly hitting an intraday low of $1,076. Over 308,000 BNB changed hands in a single hour, nearly three times the usual daily average, according to CoinDesk Research’s technical analysis data model.
Rebound attempts repeatedly stalled near $1,110, forming a series of lower highs and reinforcing the bearish structure. Short-term oversold conditions did not stop the slide.
Traders have nonetheless responded to technical cues, an environment where key price levels and volume shifts outweigh structural design. So far, the chart points to $1,076 as the next major support.
A convincing break above $1,128 would be needed to change market sentiment. Until then, momentum remains pointed downward.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
