Binance Coin (BNB) has reached a new all-time high of $907, surpassing the previous level around $900. This surge follows the announcement of a partnership between Binance and Franklin Templeton on digital asset products.
Breakout to New Highs
At press time, BNB was trading at $896 with a daily trading volume exceeding $1.8 billion. The token gained 1% in the last 24 hours and is up 6% over the past week. Analysts attribute this growth to successfully breaking the key resistance at $880, which now serves as support.
Multi-Year Targets
Analyst Crypto Patel outlined a long-term view, suggesting that this breakout could be the beginning of a broader uptrend. He identified several long-term targets for BNB at $1,217; $2,058; $3,015; $4,280; and $5,455, highlighting that the current price still leaves room for growth.
Short Liquidation Risk Near $1,000
Data from Coinglass indicates significant short positions building between prices of $900 and $1,000. Analyst Nehal warned that if BNB reaches $1,000, over $152 million in shorts could be liquidated. This could create a scenario conducive to short-term price gains.
With the breakout above $907, BNB shows significant potential for further growth, supported by both fundamental and technical signals. An interesting fact is that reaching $1,000 could trigger mass liquidation of short positions, which would also impact price movements.
