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BNB slid 7.8% in the last 24 hours, falling to $940 and breaching several major support levels in the process. The move followed a wave of sell orders that began after the token failed to break the resistance at $1,020.
A spike in trading volume, 72% above the weekly average according to CoinDesk Research’s technical analysis data model, suggests the sell-off was driven by larger holders offloading positions.
The native token of the BNB Chain has held steady above $1,000 in recent weeks, a level seen by traders as psychologically and technically important.
That support collapsed under sustained selling pressure, sending BNB into a decline that accelerated during a broader cryptocurrency market downturn that sent the CoinDesk 20 (CD20) index down to 5%.
Weakness in the crypto market saw bitcoin fall below $104,000, triggering a wave of altcoin liquidations. In the last 24 hours, CoinGlass data shows a total of $1.4 billion was liquidated in the crypto market, $1.2 billion of which were long positions.
While most tokens follow BTC lower, privacy coins move the other way. DASH increased 56% and they added 5%, outperforming the broader market as traders turned to more decentralized and less traceable assets.
BNB is now facing technical resistance at $1,000 and $980, with analysts watching closely to see if it can hold above $940. A break below that level could open the door to further losses in the near term.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
