Binance Coin (BNB) has been strong in the market, with monthly gains crossing 21% and a press-time price of $847. Although its past-day gain was modest at 4.15%, the potential for a rally remains high. Derivative market data shows a strong tendency for a rally, though BNB could face a pullback before an upswing.
Pullback More Likely
CoinGlass liquidity data indicates that despite BNB’s extreme bullishness and its price being just 1.65% below its all-time high, spot investors are selling.
According to spot exchange net inflow and outflow data, there was a net outflow of $20.93 million in the past day alone. From August 10 to 12, spot investors sold $9.96 million, with today’s outflow being the highest recorded during this period.
Selling pressure continues to grow amid weakening sentiment across other key market segments. Yet, this hasn’t entirely dampened the bullish outlook for BNB.
Derivatives Investors Go Against Spot
Derivative market participants have taken a different stance from the spot market, which is dominated by sellers.
At press time, the Taker Buy/Sell Ratio—a metric used to gauge whether the derivatives market leans toward buying or selling volume—shows over 50% of investors remain bullish.
The derivatives market also recorded a $146 million inflow in the past day, pushing open interest to $1.3 billion.
The rising funding rate confirms that most of this liquidity came from leveraged long positions.
This added liquidity could prove net positive, potentially keeping BNB on track to surpass its all-time high of $861 and push toward $900.
Potential Playbook for BNB
The playbook for the asset remains broadly positive despite the risk of a pullback.
On the 4-hour chart, BNB is trading in an ascending channel approaching a resistance level that has rejected prices before. The chart also highlights potential support at $831.74, which could trigger a rebound if selling pressure intensifies.
A bounce from this support could see BNB break its current all-time high of $861 and rally toward $900.
For now, ecosystem news remains bullish, with institutional reserves of the asset established. Additionally, BNB Chain remains one of the dominant networks, with $1.929 billion in daily volume and $62.64 billion over the past month. However, the bearish sentiments still looms with Binance CEO, Chanpeng Zhao, in court over a $1.76 billion dispute with FTX estate.
