BNB Declines Around 2% as Market Participants Cash Out After Strong Run

BNB Slips Nearly 2% Amid Market Profit-Taking Despite Anniversary Milestones

BNB, which is celebrating its eighth anniversary and recently executed a $1 billion token burn, fell close to 2% over the past 24 hours. The token slipped to around $680 after briefly touching $700, as traders rushed to take profits.

The drop reflects broader market caution following bitcoin’s rapid surge past $120,000 and its subsequent retreat to $116,000.

Adding to the cautious sentiment was news that U.S. inflation climbed to 2.7% in June, up from 2.4% in May, as reported by the Bureau of Labor Statistics.

Throughout the trading session, BNB oscillated within a tight $23 range, moving between $698.72 and $675.47, according to CoinDesk Research’s technical analysis. Buyers stepped in near the lower end of that range, with volumes exceeding 134,000 tokens, helping the price recover slightly from session lows.

Technical signals remain mixed. BNB continues to trend lower, facing stiff resistance between $690 and $695, an area where prior support has now become a barrier to further gains.

However, spikes in trading activity hint at potential accumulation. One notable flurry saw over 1,600 tokens traded in just four minutes. Several companies have also adopted BNB as part of their treasury reserves.

Despite recent volatility, BNB has seen positive developments. Alongside the major token burn, BNB Chain has joined the Ondo Global Markets Alliance, a move aimed at bringing tokenized assets such as U.S. stocks, ETFs, and funds to its blockchain network.

Whether BNB can break through resistance or slide further amid ongoing profit-taking remains a key focus for traders and could influence sentiment across the broader crypto market in the coming days.