BNB slid 4.3% in the last 24 hours, retreating from a recent high of $808 to $764 amid a broader altcoin cooldown. The correction comes after the token reached an all-time high of $804 on July 23, sparking a wave of profit-taking and technical repositioning.
Critical Support: $744–$753 Zone in Focus
During the July 24 session, BNB touched an intraday low of $744.56, testing a key support area that traders have been eyeing closely. The price later rebounded modestly to $759.35, but remained locked in a lower high structure, suggesting that downside momentum could persist.
If the $744 level fails to hold, analysts warn of an extended correction—particularly as price action continues to form descending peaks, reflecting weakening buyer pressure.
Volume Spike Signals Active Trading Around Support
The selloff occurred on elevated volume, indicating that traders were aggressively reshuffling positions near the support zone. According to Research, the BNB chart now reflects a typical distribution phase, where smart money gradually exits after strong rallies.
Despite the drawdown, accumulation activity remains visible. Nasdaq-listed Nano Labs recently purchased $90 million worth of BNB, while other firms like Build & Build Corp. and WindTree have also been increasing their holdings.
Market Context: Underperformance Amid Altcoin Rotation
While BNB dropped 4.3%, the broader CoinDesk 20 Index (CD20) declined 3.6% over the same period—signaling that BNB underperformed its large-cap peers during the current market correction. This divergence has raised questions about short-term sentiment despite strong fundamentals.
Binance founder Changpeng Zhao commented on social media, expressing gratitude toward the community and ecosystem contributors. However, market observers believe that the surge in altcoin trading volumes and network upgrades may be pulling liquidity away from BNB in the short term.
What to Watch Next
- Key support: $744–$753
- Resistance: Near-term resistance has formed around $770–$775
- Breakdown risk: A close below $744 could expose downside to $720 or lower
- Upside scenario: A strong bounce back above $775 could reset bullish momentum
Outlook
BNB’s 4.3% decline signals a cooling phase after an explosive rally, with $744 acting as the line in the sand for bulls. If this level holds, BNB could consolidate before another move. If it breaks, traders should prepare for further volatility.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.