The BNB chain’s native token, BNB, fell slightly over the past 24-hour period, moving to $933 after briefly rising to $974 as broader crypto markets showed signs of stress linked to tightening financial conditions.
The token’s price action played out in a narrow $46 range. Volume surged during the morning’s move higher, 71% above its 24-hour average, but cooled toward the end, according to CoinDesk Research’s technical analysis data model.
The rejection near $975 marked a technical ceiling, while BNB once again found support near $930.
“BNB’s ability to hold support reflects the broader strength we see on the chain,” Johnny B., the founder of BNBPad.ai, told CoinDesk in an emailed statement. “Despite market headwinds, BNB Chain saw 82 million active addresses in October, a new all-time high, while DEX volume approached $120 billion based on DeFiLlama.”
BNB’s subdued performance came alongside a broader market decline. The broader market, as measured by the CoinDesk 20 (CD20) index, is down 0.9% in the past 24 hours as bitcoin struggles to stay above $100,000.
A rebuilding of the U.S. Treasury and falling bank reserves, which have fallen by an estimated $500 billion since July, have drained capital from markets and made risk assets less attractive, according to a recent report from Citi.
That has also sent stocks down, with the tech-heavy Nasdaq 100 down 4.7% this week and the S&P 500 down 2.7%.
In this environment, BNB’s ability to remain above its key support level of $930 may reflect confidence in the network’s adoption and performance of newer decentralized applications like Asper, even as the broader outlook dims.
A break above $975 could reopen the path to recent highs, but further downside in major assets could test buyers’ resolve. BNB remains tied to technical setups for now, but broader market forces are starting to take hold.
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.
