Binance Coin (BNB) Hits Record $846.73 High, Faces Key Resistance Level

Binance Coin (BNB) has surged to $846.73, marking a record high on the weekly chart, as it encounters a critical resistance trendline that has historically suppressed gains over the past year. This level, defined by two prior peaks in late 2023 and early 2025, has repeatedly triggered sell-offs, raising questions about whether the current rally will consolidate or break through [1]. The price’s proximity to this psychological threshold has intensified scrutiny from traders and analysts, who are closely monitoring whether the trendline will flip into support or repel further gains.

The weekly chart reveals a sharp uptrend since early 2024, with BNB’s price action now brushing against the $846.73 resistance zone. This level has previously acted as a ceiling, causing reversals despite bullish momentum. For instance, similar attempts in late 2024 and early 2025 ended with bearish corrections, reinforcing the zone’s significance [1]. However, the current rally is distinguished by consecutive strong green weekly candles and rising volume, signaling sustained buying pressure as BNB tests uncharted territory.

Technical analysts have weighed in on the potential outcomes. Anup Dhungana, a crypto analyst, cautioned that while the $846 level is "on the table" for a breakout, a successful hold above this zone could shift market dynamics. "Once flipped to support, $1000 is on the table," he noted, emphasizing that confirmation above $850 would validate the trendline as a continuation signal rather than a barrier [1]. Such a move could attract fresh inflows, targeting the $1000 psychological benchmark. Conversely, failure to clear this level risks a pullback into the $750–$850 range, a historically volatile corridor prone to consolidation or reversals [1].

Traders are adjusting positions in anticipation of the next move. Some are securing profits at current highs, while others await a confirmed breakout above $850 to enter long positions. The market’s confidence hinges on how the resistance resolves, with July 28 marking BNB’s highest weekly close ever [1]. Despite the bullish momentum, caution persists due to historical precedents of rejection at this level. For example, two prior attempts to breach the trendline ended with sharp corrections, reinforcing the possibility of a double top formation if bulls falter [1].

Volume data adds nuance to the analysis. While weekly volume has increased, confirming strong participation, traders remain wary of a potential bearish wick forming if the price retreats. A breakout on robust volume would likely attract new liquidity, but a lack of follow-through could signal exhaustion in the rally. Analysts stress that the coming sessions will be pivotal in determining whether this resistance holds or transforms into a springboard for higher prices [1].

As of press time, BNB’s $846.73 level remains a focal point for the crypto market, with technical indicators and historical patterns offering both optimism and caution. The interplay between bullish momentum and past resistance will likely shape the token’s trajectory in the near term, making it a key narrative for investors tracking the broader market’s health.

Sources: [1] [BNB Hits $846 as Chart Faces 12-Month Resistance Level Challenge] [https://cryptonewsland.com/bnb-hits-846-12-month-resistance-challenge/]