Binance’s BNB coin saw a price surge of 3% following Binance’s confirmation of its $1bn acquisition of defunct crypto lender Voyager. This was the first time the cryptocurrency had reached a daily transaction volume of $200m since February, signalling a potential shift from a bearish outlook. Santiment’s Market-Value to Realized-Value (MVRV) data indicates those holding the coin could push for more gains, with most holders of BNB bought in the last 30 days sitting on profits of around 10%. If the coin can break resistance at $340, bulls may be able to push the rally towards the $365 zone, but if the price drops below $315, it could trigger a decline.
Weighted Sentiment tracks stakeholder perceptions of an asset’s price prospects and suggests that the negative sentiment dominating the altcoin market could create a unique buying opportunity for savvy investors. If this market is oversold, BNB could be due for a bullish reversal. As always, those considering investments in BNB and other cryptocurrencies should take into account the volatile and changeable nature of the market, and conduct their own research before making decisions.
