The price of the native token of the BNB Chain, $BNB, has recently seen its price soar to surpass the $700 mark for the first time ever, rising over 7% in a day amid a wider cryptocurrency market rally. A popular crypto analyst has now suggested BNB could top $1,000.
BNB is at the time of writing trading at $697 after enduring a slight correction from a new all-time high above the $712 mark, and popular cryptocurrency analyst Sheldon The Sniper has said that BNB’s price chart is “looking extremely bullish,” and pointed to $1,000 as its next price target.
Another popular cryptocurrency analyst, Kaleo, has said that while the market is paying attention to Bitcoin, Ethereum, and Solana, Binance’s BNB is “entering price discovery,” and pointed out the cryptocurrency “was an early leader of the last bull market as well.”
Per his words, history “doesn’t always repeat itself, but it often rhymes.” BNB’s price rally comes shortly after Changpeng Zhao, the founder and former CEO of leading cryptocurrency exchange Binance – which is itself behind BNB – started serving a four-month prison sentence in California after pleading guilty in November to violating the Bank Secrecy Act for failing to implement adequate safeguards against money laundering at Binance.
Ted Zhang, an associate portfolio manager at Revere Asset Management, also pointed to BNB’s chart on social media and said that it “doesn’t get better than this,” and added “these are the setups that you want to find yourself in. They are SCREAMING at you and JUMPING off the page.”
Also read: How to Transfer Crypto From Binance to Coinbase: A Step-by-Step Guide
BNB’s upward movement also comes shortly after the leading cryptocurrency exchange Binance announced its “largest ever rewards pool” in the Binance World Championship, an event in which its users will be competing in skills-based tournaments.
Featured image via Unsplash.
