BNB Breaks Record High — Is Altcoin Season About to Begin Again?

• BNB price has hit a record $804 ATH after weeks of steady investor accumulation, raising hopes for a possible altcoin season.
• Analysts eye $850 as the next target, while caution remains over a potential dip below the key $741 support level.

Binance Coin (BNB) price reached a new all-time high of $804 on July 22, drawing strong attention from investors and market watchers. The move follows over seven months of sideways trading and may now set the pace for a broader movement in the altcoin market.

Analysts are closely watching to see if the 2021 pattern repeats, as a similar breakout led to a broader altcoin rally.

BNB Price Rises after Weeks of Steady Accumulation

According to reports, the latest rise in BNB price did not come out of nowhere. For almost two months, investors have been steadily buying the coin, moving it away from exchanges and holding it in private wallets.

It is worth noting that this pattern, as recorded by Glassnode, is typically a sign that holders expect the price to rise. Their patience has now been rewarded with a fresh peak of $804. Notably, this marks a strong turnaround for BNB, which had remained mostly flat since late last year.

More importantly, the positive shift in the broader market, combined with growing confidence in BNB’s long-term use, seems to have driven this recent change. The support from long-term holders has helped BNB move past several resistance levels, confirming its strength in the current market cycle.

Looking back to 2021, when BNB last hit a new record, the altcoin market saw a significant wave of growth shortly after. Based on market sentiment, that pattern has not gone unnoticed. This latest surge could once again signal the start of an altcoin season. With investor attention already shifting, smaller coins may soon follow.

Meanwhile, as highlighted in our previous report, British multinational bank Standard Chartered forecasted that BNB will more than double by 2025. ETF filings and institutional confidence will ultimately drive this rally.

Outlook Remains Strong but Investors Stay Cautious

Following the jump to $804, the BNB price has now settled slightly lower at $799. Analysts say the next key level to watch is $850. If the current momentum continues, that mark could be reached in the coming days. It may also attract new interest, which could provide even more support for the ongoing rally.

However, some caution is being shared. If investors begin to take profits too early, the coin could slip below $741, which has become a crucial support level. A fall below this point could alter the outlook and lead to a broader market pullback.

It is worth noting that BNB remains one of the leading cryptocurrencies by market capitalization. It currently has a market cap of $109.89 billion. MarketCap data indicates that it is currently trading at $795, representing a 3.89% increase in the last 24 hours.

Notably, its recent movement has already influenced sentiment, and its next steps could shape the broader market’s reaction in the weeks ahead. In a separate development, CNF reported that Fast Finality, a long-anticipated feature, is now fully active and officially integrated into the Binance platform.

Source