BNB Drops Below $950 as Market Sell-Off Deepens, Privacy Coins Surge

BNB slid 7.8% in the past 24 hours, dropping to $940 and breaching several major support levels in the process. The move followed a wave of sales orders that began after the token failed to break resistance at $1,020.

A spike in trading volume, 72% above the weekly average according to CoinDesk Research’s technical analysis data model, suggests the sell-off was driven by larger holders offloading positions.

The native token of the BNB Chain had held steady above $1,000 in recent weeks, a level seen by traders as psychologically and technically important.

That support broke under sustained selling pressure, sending BNB into a decline that accelerated during a broader cryptocurrency market downturn that sent the CoinDesk 20 (CD20) index down as much as 5%.

The weakness in the crypto market saw bitcoin fall below $104,000, setting off a wave of altcoin liquidations. Over the last 24 hours, CoinGlass data shows total of $1.4 billion were liquidated in the crypto market, $1.2 billion of which were long positions.

While most tokens followed BTC lower, privacy coins moved the other way. DASH surged 56% and ZEC$409.93 added 5%, outperforming the broader market as traders rotated into more decentralized and less trackable assets.

BNB now faces technical resistance at $1,000 and $980, with analysts watching closely to see if it can hold above $940. A break below that level could open the door to further losses in the near term.

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