Binance's BNB Surge Amidst Market Manipulation Allegations

Binance, the world's largest cryptocurrency exchange, is facing criticism and allegations of market manipulation, according to recent discussions within the crypto community. The controversy centers around the exchange's Binance Coin (BNB) and its potential involvement in manipulating the prices of various altcoins, including Solana (SOL).

The allegations suggest that Binance and Wintermute, a market maker, collaborated to dump prices for most altcoins. The synchronized activity between Binance's and Wintermute's SOL balances supports these claims. Binance's SOL balance peaked at 1.7 million, then dropped to 0.5 million, while Wintermute's balance spiked to 1.2 million and then fell to 0.6 million. This movement, totaling one million SOL, is believed to have contributed to the price crash from $300 to $150.

The same pattern was observed for most altcoins, leading to a significant reduction in the altcoin market capitalization, with over $110 billion wiped out. If Binance's alleged manipulation continues, SOL could drop to $140, potentially triggering panic selling across the broader crypto market.

Following this activity, BNB did not experience the same level of capitulation seen in other altcoins. A heatmap revealed key liquidation levels between $640 and $660 before the price sharply dropped to around $620. This sharp drop likely triggered many stop-loss orders, suggesting a possible support level. A sustained move above these levels could signal a stronger recovery phase, potentially challenging higher resistances towards $680. However, failing to reclaim the $640 level could see BNB test lower supports, possibly around the $600 mark.

PancakeSwap, a BNB-based decentralized exchange, surged to dominate with a daily trading volume of $2.1 billion, surpassing other decentralized exchanges like Uniswap, Raydium, Hyperliquid, and PumpDotFun. This milestone reflected growing DeFi adoption on the BNB Chain and PancakeSwap's market share hit a 21.87%. If this trend continues, PancakeSwap could solidify its position, but volatility remains a risk as competitors adapt.

Linking these developments with the price action of Binance Coin chart showed a sharp decline, reaching a key support