BNB Slides 6% to $1,020 as Price Breaks Below Key $1,080 Support Level

BNB Chain’s native token, BNB, has fallen more than 6% in the past 24 hours, falling from an intraday high of $1,088 to $1,020.

The selloff pushed BNB through critical support at $1,080 and signaled increasing bearish pressure as technical patterns aligned with high trading volume, according to CoinDesk Research’s technical analysis data model.

The breakdown was accompanied by a spike in trading activity, with the 24-hour volume hitting 3.01 million tokens, almost double the average. This type of increase in volume often reflects a large-scale repositioning, possibly by institutional players or algorithmic trading systems reacting to breached support levels.

BNB’s fall also follows a pattern of lower highs over the past 24 hours, showing weakness in any recovery attempts. Any rally towards the $1,070-$1,075 range was met with renewed selling.

The broader crypto market has been under pressure, and BNB’s move may reflect spillover effects from macro or sector developments.

However, some metrics show long-term stability: YZi Labs, the family office of Binance co-founder Changpeng “CZ” Zhao, wrote in a report that 67% of BNB is now held by the public. CZ itself holds less than 1%, implying a reduced concentration risk.

Unless BNB regains $1,080, momentum points towards the $1,000 mark as the next key psychological and technical support level.

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.