Binance Coin (BNB) Surges 6% to $804 on Nano Labs' BNB Purchase, Eyes $1,234 Target

Binance Coin (BNB) surged to $804 on July 23, driven by a 6% daily gain following the Nasdaq-listed firm Nano Labs’ purchase of 45,684 additional BNB tokens. This acquisition, combined with prior purchases of 74,315 tokens in January, pushed Nano Labs’ total BNB holdings to over 90 million, fueling speculation about further price appreciation [1]. The price movement occurred as BNB remained within an ascending parallel channel since February 2023, with recent momentum breaking above the channel’s midline. Analysts highlight that the 123.6% Fibonacci resistance level near $926 is now in focus, with a successful breakout potentially paving the way for a $1,234 target [1].

Derivative market activity underscores growing bullish sentiment. Open interest in BNB derivatives rose 24% in 24 hours, reaching $1.27 billion—the highest since December 2024—and reflecting heightened trader participation [1]. Meanwhile, the weekly Relative Strength Index (RSI) at 68 suggests the market remains overbought but not saturated, allowing room for further gains before corrections might emerge [1].

Nano Labs’ strategic accumulation of BNB has drawn comparisons to MicroStrategy’s Bitcoin investment approach, signaling institutional confidence in BNB’s long-term value [1]. Analysts note that breaching the $1,000 psychological barrier could attract a broader cohort of buyers, reinforcing upward momentum [1].

Source: [1] [title] [https://coinmarketcap.com/community/articles/6882e6451e2c5e524ec0bbd4/]