Whales Short BNB as Price Tests Key Resistance
Key Takeaways
BNB, the native token of the Binance blockchain, recently experienced a price increase to around $690 USD. Despite this positive development, large investors – known as whales – are increasingly betting on falling prices. At the same time, buying momentum is fading. These opposing signals raise questions about the sustainability of the upward trend.
Whales Betting on Declining Prices
Data from the analytics platform Alphractal shows that institutional investors and large holders are increasingly opening short positions on BNB. On the Whale-vs-Retail heatmap, the Binance section is dominated by the colour red – a clear sign of selling pressure from whales. In contrast, retail investors are participating to a lesser extent.
This strategy suggests that whales are hedging their risks. They may be holding long positions on the spot market while simultaneously betting on falling prices through futures. This approach can be used to limit losses in the event of a price drop without missing out on potential gains in the event of further increases.
Declining Buying Power Despite Price Gains
Although the BNB price recently rose by 1.59%, buying momentum is weakening. The so-called delta value – the difference between buying and selling pressure – dropped to -0.203. The previous week, this value was significantly higher in positive territory. In concrete terms, this means that selling pressure currently outweighs buying.
The support zone at $652 USD has been successfully defended so far, but without new buying impulses, this zone could be tested again. A sustained break below $644 USD would call the bullish scenario into question.
Key Technical Levels in Focus
Currently, the BNB price is moving within a narrow range between $670 and $690 USD. A breakout above $660 USD could activate short-term targets at $667, $684, and in the best-case scenario, $705 USD. However, this requires renewed buying interest.
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If the price falls below $660 USD, a pullback to $652 USD is likely. A break of this level could lead to further losses below $644 USD. The current sideways movement should therefore be viewed as a critical phase – the next impulse will be decisive.
On-Chain Activity Supporting the Price
One positive factor is the increased activity on the BNB Chain. According to Alphractal, this reached its highest level in three years. Such developments indicate growing interest in the use of the blockchain, which can support the token’s value in the long term.
However, this fundamental tailwind is currently not enough to clearly break through the technical resistance at $700 USD. Market participants appear to be waiting for clear signals before entering new positions.
Our Assessment
The BNB price is showing short-term strength, but the signals are mixed. Caution is advised due to buyer hesitation and active shorting by large investors. Technically, BNB remains in a critical zone. A sustained breakout above $667 USD could bring new momentum. However, if the price falls below $644 USD, a correction is likely.
For you as an investor, this means: closely monitor the mentioned price levels. Stay informed about on-chain data and the behaviour of large investors. Only then can you make well-informed decisions.
Sources
- Alphractal
- TradingView
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