Binance Coin Eyes $1,200 After Hitting New All-Time High of $804

• Binance Coin hit a new all-time high of $804 after gaining over 6 percent in 24 hours.

• Nano Labs bought more than $90 million worth of BNB, boosting market confidence.

• Traders expect BNB to reach $1,200 as technical indicators and open interest remain strong.

Binance Coin (BNB) reached a new all-time high of $804 on July 23, following a 6% increase in the past 24 hours. The move comes amid growing institutional interest, with Nasdaq-listed Nano Labs significantly expanding its BNB holdings.

A sustained bullish momentum and a growing imbalance between buying and selling pressure have fueled the rally. BNB has been in a consistent uptrend since February 2024, supported by an ascending parallel channel guiding price movement. This recent price surge pushed the coin above the channel’s midpoint, signaling renewed trader confidence.

Nano Labs Accumulates Over $90 Million in BNB

Nano Labs has added 45,684 BNB tokens to its treasury, increasing its total BNB holdings to over $90 million. The firm acquired 74,315 tokens earlier this month, sparking short-term price gains. The company’s ongoing purchases draw comparisons to Strategy’s Bitcoin strategy and have become a key factor in BNB’s upward momentum.

Nano Labs has committed to investing over $1 billion in Binance Coin. Its latest acquisition has influenced market sentiment, with traders speculating that BNB could rise as high as $1,200.

Fibonacci Levels and Derivatives Support Higher Targets

Technical indicators suggest the rally may continue. The next major resistance level is $926, aligned with the 123.6% Fibonacci extension. A breakout beyond this level could trigger further buying and push the price toward the 178.6% Fibonacci level at $1,234.

The Relative Strength Index (RSI) supports this forecast, which currently stands at 68, below overbought levels, indicating that bullish momentum still has room to grow.

Meanwhile, open interest in BNB derivatives has surged 24% in the past 24 hours, reaching $1.27 billion, according to CoinGlass. This is the highest level recorded since December 2024. The sharp rise in open interest signals increased market participation and points to traders anticipating continued upward price action.