Is BNB price ready for a new ATH after $1,000 retest?

BNB Price has reclaimed the $1,000 support level as investors bought the recent dip amid fresh bullish developments around the token. But can it reach a new all-time high if it continues to trade in a bullish continuation pattern on the daily chart?

According to data from Crypto.News, BNB (BNB) rose to an all-time high of $1,079 on September 21 before encountering selling pressure that pushed its price to $975. Although bulls briefly reclaimed the $1,000 level on September 23, a wave of broader market liquidations dragged it back below support.

With sentiment improving, BNB Bulls have once again regained control and pushed the price back above $1,000.

A look at the open interest in the futures market suggests that there is robust demand for the Altcoin among traders. Notably, BNB’s OI increased 3% over the day to $1.89 billion at press time, while its weighted funding rate returned to positive, suggesting that longs were paying shorts to keep their positions open, a sign that traders are increasingly positioning for further upside.22

Further data from Coinglass Liquidation HeatMap reveals a high density of short liquidations (yellow bands) clustered around $1,050, just above the current price level, while the liquidation heat is much cooler below the price, suggesting that less long positions are at risk of liquidation.

With buyers pressuring sellers, the setup points to a potential short squeeze that could accelerate gains if BNB pushes higher into that zone.

On the Daily Chart, BNB Price has been trading in an ascending parallel channel since early June, a popular bullish continuation pattern. In technical analysis, the price of an asset continues to move up as long as it remains within the pattern.

BNB Price has also moved above both the 50-day and 200-day SMAs, which previously formed a very bullish golden cross, a sign that both the short- and long-term prospects remain positive for the token.

Momentum indicators such as the MACD and RSI also indicate a bullish bias for the token. The MACD line is close to forming a positive crossover with the signal line, while the RSI remains at 61.7, leaving room for further gains before entering overbought territory.

Therefore, if bullish momentum remains intact, a breakout from the all-time high of $1,079 could set up the token to reach a new high of $1,120, a level almost 10% above the current price level.

On the contrary, a drop below $960, which aligns with the 78.6% Fibonacci retracement, would invalidate the price forecast.

Catalysts that could fuel further upside for BNB

BNB rallied to an all-time high earlier last week, supported by the strong growth of the BNB chain defi ecosystem led by protocols like Aster, and its growing role in the real-world asset tokenization sector market through the recent launch of Franlin Templeton’s TOOKEISE products last week.

BNB is also seeing new demand as a treasury asset alongside other altcoins such as Solana, XRP and Ethereum. As previously reported by Crypto.News, Jiuzi Holdings, a China-based company operating new energy vehicle stores, recently unveiled a $1 billion Crypto Treasury Plan, which will focus on accumulating BNB alongside BTC and ETH.

Perhaps the most important adoption development came from Kazakhstan officially launched A state-backed crypto reserve called the Alem Crypto Fund in partnership with Binance. The first asset added to the fund’s portfolio was BNB, a move that underlines the growing institutional confidence in the token. The fund is managed by the Qazaqstan Venture Group and supported by the country’s Ministry of Artificial Intelligence and Digital Development.

All these developments, unfolding in a short period of time, have meaningfully boosted trader sentiment and renewed institutional interest in BNB.

However, price action may remain cautious in the immediate term as broader crypto markets await clarity from key US economic data this week. Reports such as the Jolts vacancies, ISM manufacturing index, weekly jobless claims and the unemployment rate are expected to influence how quickly the Federal Reserve could ease monetary policy.

Nevertheless, once the uncertainty around macro indicators clears, BNB could be well positioned for another leg higher, especially if it breaks past $1,079 on strong volume.